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Pacific Life Re has announced an asset intensive reinsurance in Japan with Tokio Marine & Nichido Life Insurance.

The deal with Pacific Life, Tokio Marine and Nichido will provide Anshin Life a new method to reduce long-term interest rate risk of their portfolio. It will also contribute to the advancement of their asset liability management capabilities.

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In addition, the deal was supported by Aon and Eversheds Sutherland.

Phill Beach, executive vice president of savings & retirement, Pacific Life Re commented: “We’re thrilled to announce the commencement of a new partnership with Anshin Life. Supporting these types of transactions in Japan is a key part of our overall strategy. By transferring their risk to Pacific Life Re, Anshin Life can efficiently manage and optimise 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.

“Pacific Life has exceptional financial strength ratings and a long history for honouring policyholder promises for more than 150 years. I look forward to the journey ahead as this partnership marks the beginning of an exciting chapter.”

Earlier this year, Tokio Marine HCC – Specialty Group announced the launch of a new product recall offering in London to expand its crisis management portfolio.  

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The introduction of this insurance service is supported by two senior additions to the company’s crisis management team.  

Effective 13 May 2024, Mark Hutton has been appointed to the new role of the head of crisis management international. 

With more than two decades of underwriting experience, Hutton will be responsible for driving the growth of the product recall class, focusing on sectors such as food and beverage, and automotive, among others.