Life reinsurer Pacific life Re has strengthened its presence in the Dutch market by completing a €1.3 billion longevity swap reinsurance transaction with Aegon Levensverzekering NV, a subsidiary of ASR Group.
The agreement is Pacific Life Re’s second longevity reinsurance transaction in the Netherlands, following last year’s landmark €2 billion longevity reinsurance transaction with Nationale-Nederlanden.
This latest deal covers a portion of the defined benefit pension included in the pension acquisition, according to Pacific Life Re, and is supported by global law firm Hogan Lovells.
Vanessa HoVon, Managing Director, Savings and Retirement, Europe and Americas at Pacific Life Re, commented: “We are delighted to be working with asr on this significant transaction, our first in the Netherlands covering defined benefit obligations for pensioners and deferred members, which reflects our shared commitment to protecting retirees.
“Pacific Life Re looks forward to continuing to deliver bespoke solutions and supporting our partners in the Dutch market to navigate the ongoing pension reforms by delivering risk transfer solutions.”
Jouke Hottinga, Managing Director of Group Strategy and Balance Sheet Management at ASR, said: “We are pleased with this transaction. Pacific Life Re is a highly reliable and reputable counterparty that we are pleased to work with. This reinsurance transaction effectively mitigates our longevity risk and is fully consistent with our ongoing objective of optimizing our balance sheet.”
You can read about this transaction and many other longevity swaps and longevity risk transfer transactions on Artemis’ list of such agreements.
