Pacific Life Re has announced the execution of a longevity reinsurance transaction with American National Insurance Company. The $3bn transaction marks Pacific Life Re’s entry into the US market for its Savings & Retirement business.
As part of the transaction, Pacific Life Re will take on the longevity risk associated with $3bn of pension risk transfer (PRT) liabilities.
“We are thrilled to achieve this milestone transaction and continue to provide longevity and asset-intensive solutions globally,” said Phill Beach, Executive Vice President, Savings & Retirement, Pacific Life Re.
“This transaction highlights our ability to deliver tailored longevity solutions at scale and demonstrates our strong commitment to support PRT markets and policyholders worldwide.”
“We are very proud to have partnered closely with American National on this deal and to showcase our capabilities and expertise in a new market. We look forward to continued partnership with the team at American National,” added Howie Timothy, AVP Client Solutions, North America, Savings & Retirement, Pacific Life Re.
Pacific Life Re was supported on the deal by law firm Eversheds Sutherland.
