Life and health reinsurer Pacific Life Re has completed a longevity swap reinsurance agreement with insurance and asset management company Nationale-Nederlanden (NN Life).
The deal, which expands Pacific Life Re’s geographical footprint, encompasses a €2bn block of in-force individual annuity life policies, with provisions to reinsure future new business through a flow arrangement.
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This transaction aligns with Pacific Life Re’s portfolio of pension risk transfer and flow deals executed in other countries.
The deal was supported by Eversheds Sutherland, a global professional services company.
Pacific Life Re savings & retirement executive vice-president Phill Beach said: “We are delighted to announce the start of a new partnership with NN Life. We have successfully used our longevity swap and flow experience and been able to apply this to the Dutch individual annuity market. This has allowed us to develop a bespoke solution that supports NN Life in delivering on their commitments to customers.”
The deal is Pacific Life Re’s first longevity reinsurance transaction in the Dutch market.
NN Life chief risk officer Peter Brewee stated: “This deal underscores our efforts to continually look for value-creating opportunities, reduce longevity risk in the Dutch market and actively manage our balance sheet.”
In November 2024, Pacific Life Re signed a memorandum of understanding with Kakao Pay Insurance to offer life insurance solutions in South Korea.
The partnership with Kakao Pay, a fintech-led, digital non-life insurer registered in South Korea, aims to co-develop health insurance products for mobile applications.
