Resolution Life has announced that its Bermuda reinsurance platform, Resolution Re, has finalised a flow reinsurance deal with a Japanese insurance provider.
The deal represents the first of its kind for the Japanese insurer and is designed to bolster its capacity while enhancing the competitiveness of its products. It also seeks to improve the offerings available to holders of fixed annuity policies, according to a news release.
Resolution Life said it is well-positioned for these goals with its current capabilities in block reinsurance and M&A transactions.
“As we continue our mission to support the primary life insurance industry globally, we are pleased that this transaction allows Resolution Life to serve a new partner, expand our product offering and deepen our commitment to supporting the Asian life insurance industry,” said Rushabh Ranavat, CEO for Asia.
This latest venture marks Resolution Life’s second transaction in Japan, following a previous reinsurance agreement with Dai-Ichi Life in 2022.
In the same year, Resolution Life also established a representative office in Singapore as part of a move to develop a significant presence in Asia.
“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,” said Nardeep Sangha, CEO of Resolution Life New Markets, in a previous statement.
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