Bermudian-based Talcott Financial Group, an international life insurance group, has announced a ground-breaking flow reinsurance transaction between its subsidiary, Talcott Life Re Ltd, and The Dai-ichi Frontier Life Insurance Co Ltd.

Under the terms of the agreement, Talcott Life Re will reinsure Dai-ichi Frontier Life’s innovative new annuity product. Dai-ichi Frontier Life will continue to service and administer the policies as issuer of the contracts.

“This is a very exciting moment for Talcott as this transaction represents our first reinsurance agreement in Japan,” said Imran Siddiqui, chief executive of Talcott.

This is the third flow reinsurance transaction and the seventh business transaction overall for Talcott since its acquisition by Sixth Street, the global investment firm, in June 2021.

Talcott has appointed Yasuhisa Watanabe as chief representative, Asia Pacific.

Prior to joining Talcott, Mr Watanabe spent 20 years at RGA Japan and RGA Asia, including his role as the co-CEO and chief financial officer of RGA Reinsurance Company’s Japan branch.

As Talcott extends its footprint internationally, the company said, Mr Watanabe will be responsible for cultivating relationships with insurers in the Asia-Pacific region.

Mr Siddiqui said: “With more than 30 years of insurance and financial services industry experience, Yasuhisa is a strong addition to Talcott.

“His depth of leadership experience and industry relationships in the Japanese insurance and reinsurance market will serve us well as we extend our international footprint to the Asia-Pacific market.

“We welcome him to the team and look forward to his contributions as we execute this inaugural transaction with Dai-ichi Frontier Life.”