May 14, 2019
Toronto, May 14, 2019 – PartnerRe Ltd. today announced that it has completed a second transaction with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk for an in-force block of Canadian individual payout annuities. The deal follows on the heels of an earlier longevity transaction with Manulife completed in January of this year. In aggregate, PartnerRe will reinsure longevity risk in respect of approximately 30,000 annuitants.
“We are delighted to have been able to build on the success of the previous transaction and the strong partnership developed with Manulife, to now complete a second longevity transaction. We are very proud that PartnerRe’s global expertise in Longevity enables us to support our Canadian clients in achieving their business objectives,” said Alan Ryder, CEO of PartnerRe North America Life.
Kevin O’Regan, CEO, Europe, Middle East, Latin American Life and Longevity for PartnerRe commented: “PartnerRe has been at the forefront of developing longevity reinsurance for over 20 years. We are here to use our expertise, strong execution skills and risk capacity to serve our clients. It is particularly gratifying for our team to be recognized as an exceptionally helpful and knowledgeable partner.”
Additional terms of the transaction are not being disclosed.
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company’s three segments: P&C, Specialty, and Life and Health. For the year ended December 31, 2018, total revenues were $5.6 billion. At December 31, 2018, total assets were $22.8 billion, total capital was $7.9 billion and total shareholders’ equity was $6.5 billion. PartnerRe enjoys strong financial strength ratings as follows: A.M. Best A / Moody’s A1 / Standard & Poor’s A+.
PartnerRe on the Internet: www.partnerre.com
|Media Contact: Celia Powell|
Investor Contact: Ryan Lipschutz