Pacific Life Re expands into funded reinsurance space

Pacific Life Re (PLR) has unveiled a new global funded solutions (GFS) team that will spearhead its expansion into the funded reinsurance space.

PLR said exponential growth in the pension risk transfer markets in recent years has generated more demand for reinsurers to take on the full asset and longevity risk for bulk pension annuity transactions. It has moved to meet this growing demand with its new team, which is headed up by Bermuda-based Phill Beach, head of GFS.

Beach noted that insurance delivers a huge social benefit by de-risking pension schemes and increasing security to member pensions.
PLR said it was initially focused on opportunities in the UK pension risk transfer market, but will expand into other geographies and product lines where there is sufficient demand.

Dave Howell, PLR’s chief executive officer, said: “Since 2008 we have grown PLR to be a significant global reinsurer for insurance risk transfer. Our expansion into funded reinsurance was a natural next step given the balance sheet strength, capital availability and investment management capability of our parent company, Pacific Life.”

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