Malaysian Reinsurance Berhad (Malaysian Re) and Pacific Life Re Limited, Singapore Branch (Pacific Life Re), have signed an extension to their memorandum of understanding (MoU) aimed at providing sustainable retakaful solutions to Takaful Operators.
The MoU was signed by Ahmad Noor Azhari Abdul Manaf, president and CEO of Malaysian Re, and Vasan Errakiah, Managing Director, Protection, Asia of Pacific Life Re.
Also present at the signing ceremony were Datuk Johar Che Mat, chairman of Malaysian Re; Zaharudin Daud, president and group CEO of MNRB Holdings Berhad; Mohammad Nizam Yahya, senior vice president and head of Malaysian Re Retakaful Division; and Wallace Ong Tze Chon, head of Southeast Asia, protection, Pacific Life Re.
The collaboration, which began in 2019, has seen Malaysian Re’s retakaful division, Malaysian Re Retakaful Division (MRRD), work with Pacific Life Re to provide family retakaful solutions. This partnership leverages Pacific Life Re’s global experience and technology solutions, particularly through UnderwriteMe, Pacific Life Re’s fully owned subsidiary.
Additionally, the collaboration has facilitated knowledge exchange, focusing on technical knowledge and advanced Shariah practices.
Elsewhere, May saw Pacific Life Re unveiling an asset-intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance (Anshin Life).
The agreement, which covers in-force whole of life policies, aims to enable Anshin Life to mitigate long-term interest rate risk in its portfolio and enhance asset liability management.
“Supporting these types of transactions in Japan is a key part of our overall strategy,” Pacific Life Re EVP Phill Beach said. “By transferring their risk to Pacific Life Re, Anshin Life can efficiently manage and optimize 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.”
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