Resolution Re seals reinsurance agreement with Dai-Ichi Life
Bermudian reinsurance platform Resolution Re, a part of global life insurance group Resolution Life, has entered into a reinsurance agreement with The Dai-Ichi Life Insurance Company that transfers a closed book of whole of life policies with JPY150 billion ($1.5 billion) in total liabilities.
The agreement relates to coverage for market risks and insurance risks.
Following completion, Resolution Life will manage around $82 billion of assets, employ about 2,000 people and provide services to over three million policyholders.
Dai-Ichi Life will continue to service the reinsured business, while Resolution Re and Dai-Ichi Life will work together to successfully manage the reinsured policies for the benefit of policyholders.
Earlier this year Resolution Life announced the formation of its Representative Office in Singapore, as the first step for Resolution Life to establish itself in Asia, where it will grow its portfolio by supporting the primary life insurance industry. It also announced the acquisition of AIA’s A$8 billion Australian Superannuation & Investments business in February 2022.
Nardeep Sangha (pictured, left), CEO of Resolution Life New Markets, said: “This is an important transaction for Resolution Life, our first in Japan and the first since we opened our office in Singapore. The Japanese and broader Asian markets have potential for significant growth and our global experience, regional strategic relationships and aligned business model leave us well positioned to benefit.”
Steve Hales (pictured, right), CEO of Resolution Re, added: “We are delighted to help Dai-Ichi Life serve its policyholders, while allowing the business to focus on its growth strategy. The collaboration between our two teams allowed us to execute this innovative transaction effectively and we look forward to working together to meet policyholder commitments.”
The transaction marks a busy period of M&A for Resolution Life, following the signing of reinsurance agreements with Lincoln National Corporation, Allianz Suisse and Allianz Life North America and the acquisition of AIA Australia’s Superannuation & Investments business.
Resolution Life has now invested about $5 billion of capital since its 2018 launch.
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