PartnerRe Ltd. has completed a second transaction with The Manufacturers Life Insurance Company (“Manulife”) to reinsure longevity risk for an in-force block of Canadian individual payout annuities.
The deal follows on the heels of an earlier longevity transaction with Manulife completed in January.
In the aggregate, PartnerRe will reinsure longevity risk in respect of approximately 30,000 annuitants.
“We are delighted to have been able to build on the success of the previous transaction and the strong partnership developed with Manulife, to now complete a second longevity transaction. We are very proud that PartnerRe's global expertise in Longevity enables us to support our Canadian clients in achieving their business objectives,” said Alan Ryder, the chief executive officer of PartnerRe North America Life.
Kevin O'Regan, the chief executive officer for the Europe, Middle East, and Latin American life and longevity business for PartnerRe, commented, “PartnerRe has been at the forefront of developing longevity reinsurance for over 20 years. We are here to use our expertise, strong execution skills, and risk capacity to serve our clients. It is particularly gratifying for our team to be recognized as an exceptionally helpful and knowledgeable partner.”
Additional terms of the transaction are not being disclosed.
Learn more: www.partnerre.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].