Pacific Life Re is a wholly-owned subsidiary of Pacific Life. Credit: Vitalii Vodolazskyi /Shutterstock.

Malaysian Re and Pacific Life Re have extended their memorandum of understanding (MoU) for offering sustainable (re)takaful solutions. 

This MoU targets operators of takaful, a type of insurance, which is based on Islamic religious law.  

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The extension of the MoU, first established in 2019, was signed by Malaysian Re president and CEO Ahmad Noor Azhari Abdul Manaf, and Pacific Life Re managing Director of protection in Asia Vasan Errakiah. 

Since the inception of this partnership, Malaysian Re Retakaful Division (MRRD), a unit of Malaysian Re has utilised Pacific Life Re’s experience and technological solutions from UnderwriteMe to enhance family (re)takaful offerings.  

UnderwriteMe is a fully owned subsidiary of Pacific Life Re.  

The collaboration is also said to have facilitated an exchange of knowledge, particularly in technical and shariah-compliant practices. 

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Manaf said: “The collective capabilities and mutual support garnered from both Malaysian Re and Pacific Life Re have allowed us to deliver exceptional retakaful solutions to the diverse needs of the customers. Within the first five years of this collaboration Malaysian Re has expanded not only its takaful business, but also the conventional business and we look forward to unlocking new opportunities from the extension of this collaboration.” 

Errakiah added: “This collaboration underscores the shared vision and commitment of both Malaysian Re and Pacific Life Re to meet the demands of the sector and contribute to enhancements of retakaful solutions. By combining our expertise, we are confident that we will continue to deliver greater value to our customers and contribute to the development of a robust and innovative (re)takaful market”. 

Pacific Life Re, a wholly-owned subsidiary of Pacific Life, specialises in providing a range of reinsurance products including mortality, morbidity, and longevity reinsurance, as well as funded and capital solutions across Asia, the UK and Europe, Australia, and North America.  

In a recent development, Pacific Life Re announced an asset-intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance (Anshin Life).  

This deal, which covers in-force whole of life policies, aims to provide Anshin Life with methods to mitigate long-term interest rate risk and enhance their asset liability management capabilities.