Resolution Re has entered into a reinsurance agreement with Dai-Ichi Life Insurance that transfers a closed book of whole of life policies with JP¥150 billion (SG$1.53 billion) in total liabilities. The agreement relates to coverage for market risks and insurance risks.
Resolution Re is the Bermudian reinsurance platform of international insurer and reinsurer Resolution Life.
According to the firms, Dai-Ichi Life will continue to service the reinsured business, while both companies will cooperate in managing the reinsured policies for the benefit of policyholders.
In April, Resolution Life opened a representative office in Singapore as its first step in enlarging its Asia footprint. Resolution Life seeks to grow its portfolio in the region by supporting the primary life insurance industry. It also acquired AIA’s AU$8 billion Australian superannuation and investments business in February.
“This is an important transaction for Resolution Life, our first in Japan and the first since we opened our office in Singapore,” said Nardeep Sangha, CEO of Resolution Life New Markets. “The Japanese and broader Asian markets have potential for significant growth and our global experience, regional strategic relationships and aligned business model leave us well positioned to benefit.”
Following the completion of the agreement, Resolution Life will manage US$82 billion of assets. It has around 2,000 employees and serves over 3 million policyholders.
