Pacific Life Re targets Thailand market with latest partnership deal
Pacific Life Re has formed a long-term strategic partnership with ThaiRe Life Assurance to provide sustainable life reinsurance solutions to Thailand-based life insurance operators.
The collaboration brings together Pacific Life Re’s technical and product development expertise with ThaiRe Life’s insights and existing relationships in the local life insurance market.
The company stated that according to a GlobalData’s Insurance Intelligence Center report, the life insurance industry is forecasted to reach THB663 billion ($22 billion) in gross written premium in 2024, up from THB587 billion ($20 billion) in 2020.
“This is a significant step for us as we continue to enhance our proposition in the Thailand life insurance market," Andrew Gill, managing director for Pacific Life Re Asia & Australia. "We are thrilled to be joining forces with ThaiRe Life, an established local reinsurer, in delivering opportunities to significantly transform and redefine the local life insurance industry.
"Together with our technology subsidiary, UnderwriteMe, our partnership will bring our vision of making life insurance more accessible and affordable a reality for the people of Thailand.”
Suchin Wanglee, chairman of the board at ThaiRe Life, added: “We sincerely appreciate having Pacific Life Re’s confidence in us by entering into this long-term strategic partnership. We’re confident that this partnership will be long lasting and mutually beneficial to both parties.”
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