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Pacific Life Re signs $3 billion longevity reinsurance deal with American National

The agreement transfers longevity risk tied to $3 billion of pension risk transfer liabilities, marking Pacific Life Re’s Savings & Retirement entry into the US market.

Reported · Written up by our desk · Reinsurance

Pacific Life Re, the reinsurance arm of Pacific Life, has executed a $3 billion longevity reinsurance agreement with American National Insurance Company, Reinsurance News reported.

The deal moves longevity risk associated with $3 billion of Pension Risk Transfer, or PRT, liabilities to Pacific Life Re, and it also extends Pacific Life Re’s Savings and Retirement business into the US market, building on its presence in the UK, Netherlands, and Canada.

According to the terms described, Pacific Life Re assumes the longevity risk under the treaty, with support for the transaction provided by Eversheds Sutherland. Pacific Life Re executives said they were pleased with the milestone and the partnership with American National.

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