Pacific Life Re today announced that it has signed a series of reinsurance agreements with Rothesay Life covering pension liabilities in excess of £1bn.
The transactions completed during 2014 provide longevity protection to Rothesay Life for a proportion of its in-force bulk annuity business; covering over 100 individual pension schemes and marking the seventh such deal between the two companies.
Andy McAleese, Head of Annuity Transactions at Pacific Life Re, said "We are very pleased with the successful completion of these latest longevity transactions which mark a further expansion of our long-standing relationship with Rothesay Life."
"Rothesay Life is delighted to complete these latest reinsurance transactions with Pacific Life Re," said Tom Pearce, Managing Director of Rothesay Life. "These transactions further demonstrate our commitment to a low risk strategy and the importance of strong long-term relationships such as that with Pacific Life Re."
Pacific Life Re works with clients in the UK, Ireland, Asia and North America to manage their mortality, longevity and morbidity risk.
Having completed its first longevity swap in 2008 with Abbey Life and reinsuring the first ever UK pension scheme longevity swap in 2009, Pacific Life Re has reinsured over £11bn of pension and annuity liabilities, helping a range of insurers and pension schemes reduce their exposure to longevity risk.
Pacific Life Re Limited, a wholly-owned subsidiary of Pacific LifeCorp, is regulated by the Prudential Regulation Authority and the Financial Conduct Authority.