19 December 2014 Insurance

Pacific signs $1bn reinsurance contract with Rothesay Life

Pacific Life Re has signed a series of reinsurance agreements with Rothesay Life covering pension liabilities in excess of £1 billion.

The transactions completed during 2014 provide longevity protection to Rothesay Life for a proportion of its in-force bulk annuity business. They will cover more than 100 individual pension schemes and represent the seventh such deal between the two companies.

Andy McAleese, head of Annuity Transactions at Pacific Life Re, said: “We are very pleased with the successful completion of these latest longevity transactions which mark a further expansion of our long-standing relationship with Rothesay Life. Over recent years, Rothesay Life has constantly been at the forefront of pension scheme de-risking and we are delighted to have supported them with these transactions.”

Tom Pearce, managing director of Rothesay Life added: “Rothesay Life is delighted to complete these latest reinsurance transactions with Pacific Life Re. These transactions further demonstrate our commitment to a low risk strategy and the importance of strong long-term relationships such as that with Pacific Life Re.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk