Pacific Life Re has announced 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.
Phill Beach, executive vice president of savings and retirement at Pacific Life Re, stated that supporting transactions like these in Japan is a crucial part of their overall strategy.
“Supporting these types of transactions in Japan is a key part of our overall strategy,” 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.”
The transaction received support from the global professional services firm Aon and the legal expertise of Eversheds Sutherland.
Earlier this year, the reinsurer announced a significant restructuring of its organizational framework, aimed at enhancing client support and facilitating the company’s growth objectives.
As part of the restructure, the firm transitioned from a geographical-based structure to a product-based management system, focusing on two principal lines of business: protection and savings & retirement.
“We have grown tremendously over the years thanks to the strong relationships with our clients. However, we also recognize that the insurance market is constantly evolving, and we need to adapt to meet growing demands,” CEO Dave Howell said.
Howell further elaborated that the new structure would enable Pacific Life Re to utilize its global expertise and best practices more effectively within each business line.
Additionally, the restructuring is expected to create more career development opportunities within Pacific Life Re, benefiting its workforce.
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