RGA announces agreement with Japan Post Insurance Company
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RGA announces agreement with Japan Post Insurance Company | Insurance Business New Zealand
Reinsurance
RGA announces agreement with Japan Post Insurance Company
An RGA affiliate will be reinsuring 700 billion JPY through coinsurance
Reinsurance
By
Abigail Adriatico
Reinsurance Group of America (RGA), a global life and health reinsurer, has announced an agreement with Japan Post Insurance Company (Kampo).
“This transaction marks a significant milestone in the Asia-Pacific longevity market as a first-of-its-kind coinsurance transaction in Japan,” said Gaston Nossiter, senior vice president, head of Asia-Pacific, global financial solutions, RGA.
The transaction will mean an RGA affiliate will be reinsuring an approximately 700 billion JPY in-force block of individual life annuities through coinsurance, marking a landmark transaction with one of the leading providers of life annuities in Japan.
“This is one of a number of recent asset-intensive transactions that RGA has completed demonstrating our deep expertise and strong position in the Japanese and Asia-Pacific markets. We look forward to continuing to support our clients with their in-force capital management and new business objectives,” said Nossiter.
According to Kampo, the partnership with RGA has cemented its approach to risk management and capital optimization as well as reinforcing the commitment it has to its customers and its strategic goals.
“RGA has a long-standing partnership with Kampo, and we are pleased to once again work with them to develop a solution to reduce longevity risk and manage capital,” said Hironori Takahashi, CEO, RGA Japan.
“Looking ahead, RGA’s robust local presence in Japan positions us to lead our clients through the complexities of capital optimization toward innovative solutions that meet their capital and regulatory needs,” he said further.
Further details regarding the terms of the transaction between the two firms have not been disclosed as of writing.
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