Pacific Life Re has completed a €1.3bn longevity swap reinsurance agreement with Aegon Levensverzekering N.V., part of the a.s.r. group.
This transaction covers a portion of the defined benefit pensions included in a pension buy‑out and marks Pacific Life Re’s second longevity reinsurance transaction in the Netherlands.
“We are pleased with this transaction. Pacific Life Re is a highly reliable and reputable counterparty with whom we are pleased to enter into cooperation. This reinsurance transaction effectively mitigates our longevity exposure and is fully aligned with our continued objective of optimising the balance sheet,” said Jouke Hottinga, Managing Director, Group Strategy & Balance Sheet Management at a.s.r.
“We are delighted to partner with a.s.r. on this significant transaction, our first Dutch deal covering defined benefit liabilities for both pensioners and deferred members, and which reflects our shared commitment to protect people in retirement. Pacific Life Re looks forward to continuing to deliver bespoke solutions and supporting our partners in the Dutch market as they navigate the ongoing pension reform through the provision of risk transfer solutions,” added Vanessa HoVon, Managing Director, Savings & Retirement for Europe & Americas at Pacific Life Re.
