Resolution Life signed a flow reinsurance agreement with Taiju Life Insurance Co., part of the Nippon Life group, to support an Australian dollar-denominated endowment product.
The product is sold through tied agents, and the deal aims to improve its crediting rate using Resolution Life’s cross-market capabilities.
While terms remain undisclosed, the company confirmed this is its second flow reinsurance agreement in Japan and third deal in Asia this year.
The company specializes in acquiring and managing life insurance portfolios, with a growing footprint in the region.
Rushabh Ranavat, CEO for Asia at Resolution Life, said that the firm remains committed to delivering custom reinsurance solutions to life insurers in Japan and throughout Asia.
This transaction is another step forward for Resolution Life regionally and continues the build out of our international flow reinsurance franchise. We look forward to deepening our partnership with Taiju Life, as well as providing similar solutions for cedants in Japan more broadly.
Rushabh Ranavat, CEO for Asia at Resolution Life
In parallel, Nippon Life is finalizing its full acquisition of Resolution Life in an $8.2bn buyout. The deal values Resolution Life at $10.6bn.
Shareholders will retain final dividends before the acquisition closes. Resolution Life’s institutional operations in the U.S., U.K., Bermuda, and Singapore will become a new division within Nippon Life, complementing its domestic life, retail, and asset management businesses.
