Japan Post announces new partnership, reinsurance co-investment

Japan Post announces new partnership, reinsurance co-investment | Insurance Business Asia

Insurance News

Japan Post announces new partnership, reinsurance co-investment

The collaboration will give the insurer access to growth-enhancing and business-diversifying platforms

Insurance News

By
Kenneth Araullo

Japan Post Insurance has announced a three-way, strategic partnership with investment firm KKR and life insurer Global Atlantic for Japan Post’s further growth and the diversification of its business portfolio into overseas markets.

The partnership also entails a material investment from Japan Post into a reinsurance co-investment vehicle sponsored by Global Atlantic. Both KKR and Global Atlantic have significant track records for delivering bespoke solutions for global life and annuity insurance clients.

In a news release, Japan Post Insurance director and president, CEO, and representative executive officer of Japan Tetsuya Senda said that the partnership will be a mutually beneficial one for all parties.

“We believe this partnership has great potential for Japan Post Insurance to pursue new growth opportunities and diversify revenue sources. It also enhances our reinsurance strategy and asset/liability management capabilities and we will proceed in a gradual and prudent manner as this is the first international partnership for Japan Post Insurance, which currently does not have any overseas offices,” Senda said.

Likewise, KKR co-CEOs Joe Bae and Scott Nuttall said that they were pleased to pursue opportunities with Japan Post for further growth and collaboration.

“This is a testament to our continued commitment to expanding our insurance presence alongside high-caliber partners like Japan Post Insurance. We are pleased to enter into this partnership with Japan Post Insurance alongside Global Atlantic to pursue opportunities for growth and collaboration,” they said.