Bermudian reinsurance platform Resolution Re has entered into a reinsurance agreement with Allianz Suisse over CHF4bn worth of endowment and annuity policies.
The agreement transfers 80% of the liabilities of Allianz Suisse’s traditional individual life business, made up of endowment and annuity policies that are deferred and in pay-out, relating to coverage for market risks and insurance risks.
The reinsured business is a closed-book of policies which are in run-off, with no new business and comprises CHF4.0bn in total liabilities.
Resolution Re CEO Steve Hales said: “We are delighted to have signed this reinsurance agreement with Allianz Suisse, the largest European-to-Bermuda life legacy portfolio reinsurance transaction to date.
“I am proud to be part of the talented, diverse team that has made this happen and thank the Allianz Suisse team for their collaborative approach.”
Resolution Life Group head of mergers and acquisitions Chercher Yang, said: “This transaction was a real partnership between Resolution Life and the Allianz Group teams, working together during a difficult period of lockdown to achieve the inaugural Swiss to Bermuda direct reinsurance agreement.
“We believe this is a great example of Resolution Life’s continuing commitment to provide de-risking solutions to primary life insurers globally.”
