Partners Life secures retro from Berkshire Hathaway/PartnerRe
Partners Life, the New Zealand-owned life insurance company founded in 2011, has revealed that Berkshire Hathaway and PartnerRe have become retrocessionnaires on its reinsurance treaty with SCOR.
The company said the deal further increases SCOR’s capacity to provide the reinsurance requirements for Partners Life’s rapidly growing business well into the future, whilst continuing the very close relationship Partners Life has always had with SCOR.
SCOR has been Partners Life’s reinsurance partner since its inception in 2010, supporting its development as New Zealand’s fastest growing life business.
“We are very pleased to welcome these two substantial partners as supporters of our reinsurance treaty with SCOR,” said Naomi Ballantyne, managing director of Partners Life.
“This arrangement further increases our reinsurance capacity, which is important given our unprecedented growth since inception only two years ago and our expected continued growth into the future. At the same time it allows us to maintain our key relationship with SCOR, who remain our principal treaty partner.”
Sean Kam, CFO of Partners Life, added: “The introduction of Berkshire Hathaway and PartnerRe into the SCOR treaty is a testament to the substantial company Partners Life has become in a very short period of time and the international reputation in the insurance industry of the Partners Life management team.
“To have three of the most substantial global reinsurance companies working collectively to provide us with reinsurance support, allows us to focus firmly on our future, which we are very excited about.”
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