Pacific Life Re Completes Its Third Asset-Intensive Flow Reinsurance Transaction in Japan

TOKYO--(BUSINESS WIRE)--Pacific Life Re, a leader in the global life reinsurance industry, today announces the successful completion of its third asset-intensive flow reinsurance transaction in Japan. The transaction follows the company's prior block transactions and two flow transactions in Japan and marks a key milestone in its long-term commitment to the Japanese asset-intensive reinsurance market.

Executed with a leading Japanese life insurer, the transaction involved the reinsurance of whole of life liabilities through another new flow counterparty. The flow format provides insurers with increased flexibility in managing their capital and risk exposures, while also enhancing the competitiveness of their product offerings in the market. These benefits ultimately extend to policyholders through more attractive and sustainable insurance products.

“We are proud to have executed our third asset-intensive flow reinsurance transaction in Japan with a leading Japanese insurer,” said Phill Beach, executive vice president of Savings & Retirement, Pacific Life Re. “This achievement highlights not only our ability to structure and execute complex reinsurance solutions, but also our strong operational capabilities that support scalable, repeatable flow transactions, building on our experience from two prior flow reinsurance transactions.”

Rupen Shah, managing director, Asia Pacific and Individual Retirement of Savings & Retirement, added, “We are pleased to partner with our clients through asset-intensive reinsurance solutions and delighted to be supporting a new client, helping them enhance product competitiveness and create long-term benefits for policyholders. This further solidifies our commitment to supporting insurers and their policyholders in Japan.”

These deals were supported by global professional services firms, including Debevoise & Plimpton LLP.

Pacific Life Re is the global reinsurance business of Pacific Life which has exceptional financial strength ratings and a long history for honouring policyholder promises for nearly 160 years.