Pacific Life Re Strengthens its Global Footprint with Longevity Swap in the Netherlands
Pacific Life Re, a leading provider in life and health reinsurance, has successfully completed a significant longevity swap reinsurance agreement with Nationale-Nederlanden (NN Life) in the Netherlands. This strategic move is aimed at enhancing the company’s international presence.
The agreement encompasses a substantial €2 billion portfolio of existing individual annuity policies. It also includes a long-term commitment to provide reinsurance for future new business through a continuous flow arrangement. This landmark deal capitalizes on Pacific Life Re’s vast experience in pension risk transfer and flow transactions across diverse markets.
This transaction is especially noteworthy as it marks Pacific Life Re’s debut in the Dutch longevity reinsurance market, a crucial area targeted for the company’s expansion.
Phill Beach, Executive Vice President of Savings & Retirement at Pacific Life Re, expressed his enthusiasm by stating, “We’re thrilled to announce the formation of a new partnership with NN Life. Our extensive experience in longevity swaps and flow transactions has been instrumental in adapting these solutions to the Dutch individual annuity market. This has enabled us to craft a customized solution that aids NN Life in upholding their commitments to their customers.”
Similarly, Peter Brewee, Chief Risk Officer at NN Life, remarked, “This agreement highlights our ongoing efforts to identify value-creating opportunities, mitigate longevity risk in the Dutch market, and actively manage our balance sheet.”
