Bermudian-based reinsurer PartnerRe has announced that it has entered into a transaction with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk from an in-force block of Canadian group payout annuities.

In aggregate, PartnerRe will reinsure the longevity risk in respect of approximately 25,000 annuitants, the company said.

Alan Ryder, CEO of PartnerRe North America Life said: “PartnerRe is excited to have partnered with a company such as Manulife in completing its first longevity reinsurance transaction in Canada. We have developed a strong brand in providing varied solutions for life reinsurance and were able to apply our innovative thinking in developing a customised structure that meets Manulife’s needs.”

“PartnerRe has a track record in innovation in longevity reinsurance,” said Kevin O’Regan, CEO Europe, Middle East, Latin America Life and Longevity for PartnerRe. “We are delighted that our customer focused approach has delivered this solution. It was great working with such a professional team at Manulife.”

Additional terms of the transaction are not being disclosed, the company said.