Pacific Life Re and ThaiRe Life Assurance (ThaiRe Life) have signed a collaboration agreement to provide sustainable life reinsurance solutions to Thailand-based life insurance operators, according to a statement issued yesterday by Pacific Life Re.
The collaboration signifies the first strategic partnership between the two companies. It brings together Pacific Life Re’s technical and product development expertise with ThaiRe Life’s deep market insights and strong relationships in the local life industry.
Mr Andrew Gill, managing director of Pacific Life Re Asia & Australia, said, “This is a significant step for us as we continue to enhance our proposition in the Thailand life insurance market. We are thrilled to be joining forces with ThaiRe Life, an established local reinsurer in delivering opportunities to significantly transform and redefine the local life insurance industry. Together with our technology subsidiary, UnderwriteMe, our partnership will bring our vision of making life insurance more accessible and affordable a reality for the people of Thailand.”
Mr Suchin Wanglee, chairman of ThaiRe Life, added, “We sincerely appreciate having Pacific Life Re’s confidence in us by entering into this long-term strategic partnership.”
Both Pacific Life Re and ThaiRe Life are recognised by major rating agencies. Pacific Life Re, a global life reinsurer, is rated AA- (stable) by both Standard & Poor’s and Fitch Ratings. ThaiRe Life has a financial strength rating of A- (excellent) by AMBest.
Pacific Life Re works with clients in the UK, Ireland, Asia, Australia, and North America to provide mortality, morbidity, longevity, and capital solutions reinsurance products and services. Pacific Life Re is a wholly-owned subsidiary of Pacific Life.
ThaiRe Life provides life reinsurance solutions to various life insurance companies in Thailand.
UnderwriteMe is an InsurTech provider offering solutions across Europe, Asia and Australia.