Resolution Life Secures Reinsurance Agreement with Protective

Resolution Life has finalized a reinsurance agreement with Protective, the US subsidiary of Tokyo’s Dai-ichi Life Holdings. The deal, valued at $9.7 billion, encompasses blocks of in-force structured settlement annuities and secondary guarantee universal life business.

As part of the agreement, Protective will cede $9.7 billion in reserves but will continue to administer the policies. The Bermuda-based life insurance group highlighted the deal as a demonstration of its prudent risk management, substantial capital strength, and proven execution capabilities in the US life and annuity market.

The re/insurer, which Nippon Life is in the process of acquiring in an $11 billion deal, stated this agreement will expand its status as a premier global manager of in-force life insurance to roughly $100 billion of general account life and annuity reserves, covering over four million active policies.

Warren Balakrishnan, US CEO of Resolution Life, commented on the transaction:

“This strategic transaction with Protective showcases our ability to manage complex life and annuity products at scale. Our substantial capital strength and proven execution record provide a strong, long-term partner for Protective Life and its policyholders. This transaction is a great example of our reinsurance offering to the US life and annuity market.”

Moses Ojeisekhoba, president of Resolution Life, added:

“With this transaction we continue to support the primary life insurance industry by providing long term capital for growth so they can respond to the changing needs of policyholders.”

Rich Bielen, president and CEO of Protective, also shared his perspective:

“This transaction represents an important milestone, allowing us to generate capital that can be invested for continued growth.”