Pacific Life Re Expands into Funded Reinsurance Market

Pacific Life Re is pleased to announce its expansion into the funded reinsurance market with the set-up of a new team, Global Funded Solutions (GFS).

Pacific Life Re has a strong track record for innovation and growth within its insurance risk business lines. It has leading positions in both protection and longevity in its target markets and has grown to be a global risk transfer reinsurer. Pacific Life Re is now adding asset intensive transactions to its proposition as it expands to offer funded reinsurance solutions to clients.

Pension risk transfer markets have experienced exponential growth over the past few years, generating more demand for reinsurers to take on the full asset and longevity risk for bulk pension annuity transactions. Pacific Life Re has been a key player in the pension risk transfer market, offering longevity risk transfer solutions to our insurance clients through a variety of innovative transactions.

GFS was created to further support Pacific Life Re’s clients to write asset intensive business where it is required. The initial focus was to support the UK pension risk transfer market, but the team is also looking to expand into other geographies and product lines where there is a demand for this form of reinsurance support.

GFS utilises the capabilities already existing within the Pacific Life group, from its longevity and reinsurance structuring expertise, to its investment management capability, significant balance sheet strength and AA- S&P credit rating.

Phill Beach will head up the new team and will be based in Bermuda.

Phill Beach, Head of GFS, commented: “I am really excited to have been involved in the set-up of GFS and I look forward to working with the team to grow this business line over the coming years. Our insurance clients offer a huge social benefit by de-risking pension schemes and increasing security to member pensions. I’m pleased that Pacific Life Re can now play a greater role in supporting this de-risking of pensions and expand to support other asset backed business in the markets we operate in.”

Dave Howell, CEO, Pacific Life Re commented: “Since 2008 we have grown Pacific Life Re to be a significant global reinsurer for insurance risk transfer. Our expansion into funded reinsurance was a natural next step given the balance sheet strength, capital availability and investment management capability of our parent company, Pacific Life.”