Bermudian-based Global Atlantic Financial Group has closed its $10 billion reinsurance transaction with Manulife Financial Corporation.

The transaction, signed and previously announced between subsidiaries of the two companies last December, reinsures a seasoned and diversified block of Manulife’s life, annuity, and long-term care insurance business originated in the United States and Japan.

The company said it represents the third block transaction Global Atlantic has executed with Manulife and includes Global Atlantic’s first block reinsurance transaction in Japan.

General account assets under management supporting the transaction at closing are approximately $10 billion.

Simultaneous to the closing of the reinsurance transaction with Manulife, Global Atlantic said, it also closed on the retrocession of 100 per cent of the long-term care insurance risks to a highly rated third-party global reinsurance partner.

Global Atlantic only retains the underlying spread-based risks on the subset of the block that involves the LTC business.

With this deal, Global Atlantic further advances its position as a reinsurer of choice in the annuity and life insurance marketplace, both in the US and globally, the company said.

The company has established a 20-year track record, successfully completing more than 40 transactions with nearly 30 clients and reinsuring more than $140 billion of assets since inception.

The transaction also marks one of the largest Japanese reinsurance deals in recent history, and expands Global Atlantic’s presence and commitment in Japan and across Asia, the company said.