Group completes bulk reinsurance transaction with Manulife

Global Atlantic Financial Group, a provider of retirement and life insurance, has successfully closed a $10 billion reinsurance agreement with Manulife in the United States and Japan.

The deal, first disclosed in December, concerns Manulife's comprehensive portfolio of life, annuity and long-term care insurance businesses based in the United States and Japan.

This transaction is notable as it is the third collaboration between Global Atlantic and Manulife, and Global Atlantic's first venture into the Japanese reinsurance market. General account support assets at the time of closure are estimated at $10 billion.

In conjunction with entering into the reinsurance agreement with Manulife, Global Atlantic will back all long-term care insurance risks from this transaction to a highly rated global reinsurance partner, retaining only the spread-based risks associated with long-term care. We have also concluded an agreement to do so. Care segment of the portfolio.

Global Atlantic described the transaction as strengthening its position as a preferred reinsurer in the annuity and life insurance sectors and expanding its influence both in the United States and on an international scale. ing.

The company has a 20-year history in these efforts, has executed more than 40 transactions with approximately 30 clients, and has reinsured more than $140 billion in assets since its inception. This transaction has been recognized as one of the most important reinsurance transactions in Japan in recent years.

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