The agreement is expected to enable the reinsuring of around 82,000 in-payment defined benefit pensioners by Canada Life Reinsurance
Former Great West Life building in Winnipeg (on right). (Credit: Ccyyrree/Wikipedia.)
Canada Life Reinsurance has signed a long-term longevity reinsurance agreement with NN Life, covering in-force liabilities valuing €5.3bn.
The agreement is expected to enable the reinsuring of around 82,000 in-payment defined benefit pensioners by Canada Life Reinsurance.
Canada Life Reinsurance said that the agreement will underline its strength as a partner for reinsurance longevity transactions around the world.
Canada Life Reinsurance global head Jeff Poulin said: “I’m pleased that despite a significantly altered work environment due to Covid-19, Canada Life Reinsurance and NN Life’s teams worked together to complete this major transaction. It will allow us to further expand and diversify our global longevity business in 2020 and beyond.”
Canada Life Reinsurance is a division of The Canada Life Assurance Company
NN Life is a subsidiary of NN Group, an international financial services company operating in 18 countries, with a footprint in various European countries and Japan. The company offers retirement services, pensions, insurance, investments and banking to approximately 18 million customers.
The company operates as Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA, and is listed on Euronext Amsterdam (NN).
Canada Life Reinsurance chief operating officer Derek Popkes said: “Canada Life Reinsurance remains focused on delivering for our clients in these challenging times. We look forward to a long and mutually beneficial relationship with NN Life. Our commitment to the Dutch market and our strong financials make us a good partner in the Netherlands.”
Canada Life Reinsurance, a division of The Canada Life Assurance Company, offers a range of innovative risk and capital management solutions for life, health and non-life risk to insurers, reinsurers and pension funds.
The Canada Life Assurance Company is a subsidiary of Great-West Lifeco, which is an international financial services firm that holds life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.