Resolution Life moves on UK market with first PRT deal
Resolution Life, the long-term legacy life insurance solutions provider, has used its Bermudian reinsurance platform, Resolution Re, to enter into the UK Pension Risk Transfer (PRT) market with its inaugural reinsurance agreement.
The transaction reinsures longevity and asset risks associated with UK pension liabilities of a leading UK-regulated insurer. Under the terms of the agreement, Resolution Re will reinsure pension liabilities covering both pensions in payment and deferred pensions.
Resolution Re said it has worked closely with its regulator in Bermuda to develop a funded reinsurance structure that can provide capacity to the UK PRT writers in a sustainable way that considers the interests of all stakeholders including insurers and regulators.
The transaction is the first of its kind for Resolution Life, which has previously signed reinsurance agreements with Lincoln National Corporation, Dai-Ichi Life, Zurich Insurance Group, Allianz Suisse and Allianz Life North America.
Earlier in 2023, Resolution Life announced it had completed the acquisition of AIA Australia’s Superannuation & Investments business and that it had closed its strategic partnership with Blackstone.
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