Bermuda-based Athene Holding has recently completed its first block reinsurance transaction in Japan, marking a significant development in Athene's expansion in the Japanese insurance market.
The agreement was made with FWD Life Insurance, a Japan-based insurer, whereby Athene will provide reinsurance for an existing block of whole life insurance policies.
In a strategic move accompanying this transaction, Athene has also entered into a further agreement to retrocede the mortality risk associated with this block of policies to Swiss Re. This step is part of Athene's broader strategy to manage risks effectively while expanding its international reach.
“We are pleased with this important extension of Athene’s franchise overseas, which demonstrates the capabilities we have developed to support the strategic objectives of insurance companies in the Japanese market. We look forward to continued growth in this market by delivering thoughtful, customised solutions to clients seeking additional flexibility,” Athene president Grant Kvalheim said in a Royal Gazette report.
Athene has been progressively increasing its presence in the Japanese market since 2020. To date, the company has executed four flow reinsurance agreements in Japan, marking its growing involvement in the local new business reinsurance market.
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