Resolution Life secures $1bn Hong Kong reinsurance deal

HAMILTON, BERMUDA - Resolution Life, a global life insurance group, has completed a $1 billion block reinsurance transaction with a leading life insurer in Hong Kong, marking the company’s first such deal in the region. The agreement involves a portfolio of participating whole life and annuity policies and transfers the risks associated with the guaranteed benefits of these policies, including market, policyholder behavior, and mortality risks, from the ceding insurer to Resolution Life.

The ceding insurer, which remains responsible for servicing and administering the policies, has not been publicly named. This strategic move by Resolution Life follows their recent expansion in Japan and underscores their commitment to providing comprehensive reinsurance solutions to life insurers throughout Asia.

Rushabh Ranavat, CEO for Asia at Resolution Life, expressed the company’s intention to continue leveraging their global platform and regional dedication to deliver superior solutions for life insurers in Hong Kong and across Asia. The transaction is seen as a step towards supporting improved outcomes for policyholders in the region.

Resolution Life, with operations in various countries including Bermuda, the U.S., the U.K., Australia, New Zealand, and Singapore, has been active in restructuring the primary life insurance industry globally. Since 2003, the company, alongside prior Resolution entities, has invested approximately $19 billion in equity towards the acquisition, reinsurance, consolidation, and management of life insurance companies. Managing over $385 billion in assets, Resolution Life has catered to around 14 million policyholders.

Legal counsel for Resolution Life in this transaction included Linklaters Asia, Eversheds Sutherland London, and Walkers Bermuda. The company’s approach focuses on serving existing customers, aiding primary insurers with new sales, ensuring policyholder benefits in a secure, well-capitalized environment, and providing steady dividend yields to institutional investors.

This transaction is based on a press release statement from RLGH Finance Bermuda Ltd and reflects the company’s ongoing strategy in the life insurance sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.