Pacific Life Re given green light in Australia

Pacific Life Re (Australia) has received regulatory approval from the Australian Prudential Regulatory Authority (APRA) to start writing life reinsurance business in Australia.

Pacific Life Re Australia is a subsidiary of Pacific Life Re, the reinsurance division of the Pacific Life group.

Andrew Gill, managing director of Pacific Life Re Australia, said: “This is a significant milestone as we look to bring additional reinsurance capacity to the Australian life market.

“The Australian market has undergone a fair amount of disruption in the life insurance space over the last few years so we see this as a unique opportunity to bring a fresh approach to supporting Australian insurers.”

Pacific Life Re division chief executive officer, Dave Howell, added: “This licence represents a further expansion of the global Pacific Life Re brand and proposition. We have recruited a very experienced local management team and are looking forward to partnering with our clients in Australia over the coming years.”