Talcott Financial Group has announced the completion of a block reinsurance transaction with Japan Post Insurance Co., Ltd.
Under the agreement, Talcott Life Re, Ltd., a subsidiary of Talcott, will reinsure a ¥550 billion (US$3.6 billion) portfolio of in-force payout annuities. Japan Post Insurance will continue to manage and service the policies.
“We are pleased to announce this treaty with Japan Post Insurance,” Imran Siddiqui, CEO of Talcott, said in a statement.
“This is our second reinsurance transaction in Japan… This new relationship both underscores our commitment to providing comprehensive risk solutions to the Japanese market and highlights the dedication and expertise of our team. We look forward to fostering a lasting partnership with Japan Post Insurance.”
The transaction, effective March 31, is expected to strengthen Talcott’s foothold in Japan.
Talcott, an international life insurance group, manages $123 billion in assets and operates from offices in Bermuda, the Cayman Islands, Connecticut, and New York.
