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Talcott Financial Group, an international life insurance group, has announced a flow reinsurance transaction in Japan.

The agreement, involving Talcott’s subsidiary Talcott Life Re and Dai-ichi Frontier Life Insurance, marks Talcott’s foray into the Japanese reinsurance market.

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As per the agreed terms, Talcott Life Re will reinsure a new annuity product from Dai-ichi Frontier Life, which will continue to manage and administer the policies.

Talcott CEO Imran Siddiqui stated: “This is a very exciting moment for Talcott as this transaction represents our first reinsurance agreement in Japan.”

Siddiqui highlighted the significance of the partnership, emphasising Talcott’s commitment to delivering tailored solutions that align with the strategic needs of its clients.

Talcott’s capabilities are said to be bolstered by investment-grade financial strength ratings, and an alliance with global investment company Sixth Street.

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This transaction is Talcott’s third flow reinsurance deal and seventh business transaction since Sixth Street’s acquisition of the company in June 2021.

Further expanding its global presence, Talcott appointed Yasuhisa Watanabe as chief representative for the Asia-Pacific region, effective 1 July 2024.

Watanabe, who brings more than two decades of experience from RGA Japan and RGA Asia, including as co-CEO and CFO of RGA Reinsurance Company’s Japan branch, is expected to play a pivotal role in Talcott’s expansion.

Siddiqui welcomed Watanabe, noting his leadership experience and industry connections in Japan, which are anticipated to be invaluable as Talcott grows its operations in the Asia-Pacific market.