HAMILTON, Bermuda, Nov. 26, 2023 (GLOBE NEWSWIRE) -- ΒιΆΉ΄«Γ½ Holding Ltd. (βΒιΆΉ΄«Γ½β), a leading provider of retirement services products, has executed a block reinsurance transaction with FWD Life Insurance Co. Ltd., a Japanese domiciled insurer. Under the terms of the agreement, ΒιΆΉ΄«Γ½ will reinsure an in-force block of whole life insurance policies. In conjunction with the transaction, ΒιΆΉ΄«Γ½ has also entered into an agreement to retrocede the mortality risk associated with the block to Swiss Re, a leading mortality reinsurer.
βWe are pleased with this important extension of ΒιΆΉ΄«Γ½βs franchise overseas, which demonstrates the capabilities we have developed to support the strategic objectives of insurance companies in the Japanese market,β said Grant Kvalheim, President of ΒιΆΉ΄«Γ½. βWe look forward to continued growth in this market by delivering thoughtful, customized solutions to clients seeking additional flexibility.β
βThis transaction builds on the power of Apollo and ΒιΆΉ΄«Γ½βs combined offerings to insurers in Japan, helping them to provide their policyholders and clients with long term retirement income,β said Matthew Michelini, Apollo Partner and Head of Asia Pacific.
Michael van Vuuren, FWDβs Group Chief Actuary, said, βWe are pleased to partner with ΒιΆΉ΄«Γ½ on this transaction, which furthers our risk management objectives and delivers significant capital benefits to FWD.β
This is ΒιΆΉ΄«Γ½βs inaugural block reinsurance transaction in the region. Since 2020, ΒιΆΉ΄«Γ½ has been active in the local new business reinsurance market, with four flow reinsurance agreements executed to date in Japan.
About ΒιΆΉ΄«Γ½
ΒιΆΉ΄«Γ½, through its subsidiaries, is a leading financial services company specializing in retirement services with gross invested assets of $261.2 billion as of September 30, 2023 and operations in the United States, Bermuda, Canada, and Japan. ΒιΆΉ΄«Γ½ specializes in helping its customers achieve financial security and is a solutions provider to institutions. Founded in 2009, ΒιΆΉ΄«Γ½ isΜύDriven to Do MoreΜύfor our policyholders, business partners and the communities in which we work and live. For more information, please visitΜύ.
Contact:
Jeanne Hess
VP, External Relations
+1 646 768 7319
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