Global life reinsurer Pacific Life Re has successfully executed its first asset-intensive reinsurance transaction in Hong Kong, marking its entry into a new market for its Savings & Retirement business in Asia.
The transaction involved the reinsurance of a block of whole life liabilities for a pan-Asian insurance provider.
Through the Hong Kong transaction, Pacific Life Re’s financial strength and expertise support the insurance and investment risks associated with the underlying liabilities, helping to enhance long-term policyholder security and resilience.
The transaction was supported by Mayer Brown, a professional services firm.
Phill Beach, Executive Vice President, Savings & Retirement at Pacific Life Re, said, “We are proud to have completed our first asset-intensive reinsurance transaction in Hong Kong.
“This milestone demonstrates our capability to delivering bespoke reinsurance solutions, backed by our strong financial strength and expertise. As demand for these solutions continues to grow across Asia, we look forward to helping insurers enhance their resilience and better serve the long-term needs of policyholders.”
Dominic Lim, Head of Client Solutions, Asia, Savings & Retirement at Pacific Life Re, added, “We are delighted to bring our asset-intensive reinsurance capabilities to Hong Kong through this landmark transaction. By helping insurers better manage long-term risks, we enable them to focus on delivering greater value to policyholders and supporting their evolving savings and retirement needs.”
This announcement follows Pacific Life Re’s recent completion of its third asset-intensive flow reinsurance transaction in Japan, executed with a leading Japanese life insurance company.
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