Resolution Life, the long-term legacy life insurance solutions provider, has announced that its Bermudian reinsurance platform, Resolution Re, has entered into a reinsurance agreement with The Dai-Ichi Life Insurance that transfers a closed book of whole of life policies with JPY150bn ($1.1bn) in total liabilities. The agreement relates to coverage for market risks and insurance risks.
Mr Nardeep Sangha, CEO of Resolution Life New Markets, said, “This is an important transaction for Resolution Life, our first in Japan and the first since we opened our office in Singapore. The Japanese and broader Asian markets have the potential for significant growth and our global experience, regional strategic relationships and aligned business model leave us well-positioned to benefit.”
In April 2022, Resolution Life announced the formation of its representative office in Singapore, as the first step for Resolution Life to establish itself in Asia, where it will grow its portfolio by supporting the primary life insurance industry. It also announced the acquisition of AIA’s A$8bn ($5.6bn) Australian Superannuation & Investments business in February 2022.
Dai-Ichi Life will continue to service the reinsured business, while Resolution Re and Dai-Ichi Life will work together to successfully manage the reinsured policies for the benefit of policyholders.
Following completion of the deal with Dai-Ichi Life, Resolution Life, will manage around $82bn of assets, employ around 2,000 people and provide services to over 3m policyholders.
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. From 2003 to date, prior Resolution entities together with Resolution Life have deployed around $17bn of equity in the acquisition, reinsurance, consolidation and management of life insurance companies. Resolution Life today has operations in Bermuda, the UK, the US, Australia, New Zealand and Singapore.