March 14, 2019
TORONTO, March 14, 2019 – PartnerRe is pleased to announce that it has entered into a transaction with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, PartnerRe will reinsure the longevity risk in respect of approximately 25,000 annuitants.
Alan Ryder, CEO of PartnerRe North America Life commented: “PartnerRe is excited to have partnered with a company such as Manulife in completing its first longevity reinsurance transaction in Canada. We have developed a strong brand in providing varied solutions for life reinsurance and were able to apply our innovative thinking in developing a customized structure that meets Manulife’s needs.”
“PartnerRe has a track record in innovation in longevity reinsurance,” said Kevin O’Regan, CEO Europe, Middle East, Latin America Life and Longevity for PartnerRe. “We are delighted that our customer focused approach has delivered this solution. It was great working with such a professional team at Manulife.”
Additional terms of the transaction are not being disclosed.
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company’s three segments: P&C, Specialty, and Life and Health. For the year ended December 31, 2018, total revenues were $5.6 billion. At December 31, 2018, total assets were $22.8 billion, total capital was $7.9 billion and total shareholders’ equity was $6.5 billion. PartnerRe enjoys strong financial strength ratings as follows: A.M. Best A / Moody’s A1 / Standard & Poor’s A+.
PartnerRe on the Internet: www.partnerre.com
|Media Contact: Elizabeth Deacon|
Investor Contact: Ryan Lipschutz