Pacific Life Re signs pact with Anshin Life

Bermuda-based Pacific Life Re has made an asset intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance (Anshin Life).

Pacific Life Re said the deal covering in-force whole of life policies will provide Anshin Life a new method to reduce long-term interest rate risk of their portfolio and will also contribute to the advancement of their

asset liability management capabilities. Further terms were not disclosed.

Phill Beach, executive vice president of savings and retirement, Pacific Life Re said: "We’re thrilled to announce the commencement of a new partnership with Anshin Life.

"Supporting these types of transactions in Japan is a key part of our overall strategy. By transferring their risk to Pacific Life Re, Anshin Life can efficiently manage and optimise their product portfolio helping them to achieve their overall business objectives and provide the long-term stability needed to deliver on their promises to policyholders. 

"Pacific Life has exceptional financial strength ratings and a long history for honouring policyholder promises for more than 150 years. I look forward to the journey ahead as this partnership marks the beginning of an exciting chapter.”

The deal was supported by broker Aon, and Eversheds Sutherland.

The deal was the second Anshin Life agreed this week. Reinsurance Group of America agreed with Anshin Life to reinsure an approximately JPY100 billion ($638 million) paid-up block of whole life policies through co-insurance.