Bermudian-based Pacific Life Re has announced an asset intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance Co Ltd (Anshin Life).

The company said the deal, covering in-force whole-of-life policies, would provide Anshin Life with a new method to reduce the long-term interest rate risk of its portfolio and would also contribute to the advancement of their asset liability management capabilities.

Phill Beach, executive vice-president of savings and retirement, Pacific Life Re, said: "We’re thrilled to announce the commencement of a new partnership with Anshin Life.

“Supporting these types of transactions in Japan is a key part of our overall strategy. By transferring their risk to Pacific Life Re, Anshin Life can efficiently manage and optimise their product portfolio helping them to achieve their overall business objectives and provide the long-term stability needed to deliver on their promises to policyholders.

“Pacific Life has exceptional financial strength ratings and a long history for honouring policyholder promises for more than 150 years. I look forward to the journey ahead as this partnership marks the beginning of an exciting chapter.”