Life and well being reinsurer Pacific Life Re has accomplished a EUR 2 billion longevity swap reinsurance settlement with Nationale-Nederlanden (NN Life) within the Netherlands, overlaying a block of in-force particular person annuity life insurance policies.
In addition to the in-force insurance policies, the EUR 2 billion longevity reinsurance transaction consists of an ongoing dedication to reinsure future new enterprise through a move association between the 2 firms.
That is Pacific Life Re’s first longevity reinsurance deal within the Dutch market, which is seen as a key development space for the agency, and builds on the great portfolio of pension danger switch and move transactions the reinsurer has delivered in different areas.
The transaction was supported by skilled companies agency, Eversheds Sutherland.
“We’re delighted to announce the beginning of a brand new partnership with NN Life. We now have efficiently used our longevity swap and move expertise and been capable of apply this to the Dutch particular person annuity market. This has allowed us to develop a bespoke answer that helps NN Life in delivering on their commitments to prospects,” mentioned Phill Seaside, Govt Vice President of Financial savings and Retirement at Pacific Life Re.
Chief Danger Officer at NN Life, Peter Brewee, added, “This deal underscores our efforts to repeatedly search for worth creating alternatives, scale back longevity danger within the Dutch market, and actively handle our steadiness sheet.”
