Pacific Life Re has completed its first two asset-intensive flow reinsurance transactions in Japan, marking a significant step in the company’s expansion into the Japanese market and its entry into the asset-intensive flow reinsurance segment.
The transactions were executed with two major Japanese life insurers and involve the reinsurance of whole of life liabilities through a flow structure. This approach allows for ongoing, repeatable cessions, giving insurers greater flexibility in managing capital and risk exposures.
The flow format is designed to enhance the competitiveness of insurers’ product offerings, with potential benefits for policyholders in the form of more sustainable insurance products.
“We are proud to announce the completion of our first asset-intensive flow reinsurance transactions in Japan,” said Phill Beach (pictured above), executive vice president of Savings & Retirement at Pacific Life Re.
Beach noted the achievement demonstrates the company’s ability to structure and execute complex reinsurance solutions, as well as its operational capabilities to support scalable, repeatable transactions.
Rupen Shah, managing director for Asia Pacific and Individual Retirement of Savings & Retirement, commented on the partnerships with Japanese clients. “We are delighted to be working in partnership with our clients to help them enhance product competitiveness and create long-term benefits for policyholders,” Shah said.
Shah noted that the transactions reinforce Pacific Life Re’s commitment to supporting insurers and policyholders in Japan.
The company has also made recent leadership changes in Asia as part of its broader regional strategy. In August, Pacific Life Re appointed Wallace Ong as head of business proposition and enablement, protection, Asia, a newly created role focused on refining the company’s value proposition and advancing market readiness initiatives across Asian markets.
Succeeding Ong, Spenser Chen was named head of Southeast Asia, protection, Asia, and will oversee cross-functional teams to strengthen client relationships and develop market-specific solutions.
In addition, Pacific Life Re named Kenichi Kim as head of South Korea operations. Kim, who previously worked in the client solutions team, is tasked with driving market growth and leading the expansion of the company’s protection business in South Korea, which Pacific Life Re views as a critical market for its long-term growth strategy in Asia.
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