Australia: Pacific Life Re gets green light to operate
Source: Asia Insurance Review | Oct 2015
Pacific Life Re (Australia) has received regulatory approval from the Australian Prudential Regulatory Authority (APRA) to commence writing life reinsurance business in Australia.
The life reinsurer is part of Pacific Life Re, the reinsurance division of the Pacific Life group, and has existing offices in Europe, Asia and North America. Its ultimate parent is US-based mutual life company, Pacific Mutual Holding Company.
Mr Andrew Gill, Pacific Life Re Australia’s Managing Director, said: “The Australian market has undergone a fair amount of disruption in the life insurance space over the last few years, so we see this as a unique opportunity to bring a fresh approach to supporting Australian insurers.”
Pacific Life Re Australia has received a stand-alone financial strength credit rating from S&P of A+ (stable outlook).