International life insurance coverage group Decision Life as introduced its Bermudian reinsurance platform, Decision Re, has entered into a brand new UK Pension Danger Switch (PRT) reinsurance transaction with a number one UK-regulated insurer.
This represents Decision Life’s third transaction within the UK following the 2 transactions that the corporate entered into in 2023.
Moreover, the transaction reinsures longevity and asset dangers related to UK pension liabilities. Underneath the phrases of the settlement, Decision Life will reinsure liabilities protecting each pensions in cost and deferred pensions.
Decision Life has labored to develop a funded reinsurance construction that may present capability to UK PRT writers in a sustainable manner that considers the pursuits of all stakeholders together with insurers and regulators.
This transaction follows on the again of robust momentum for Decision Life within the final 12 months having signed partnerships with Nippon Life and Blackstone as a part of the $3bn fairness capital elevate, accomplished an inaugural $500m Tier 2 listed debt issuance, closed three reinsurance transactions and bought Suncorp’s New Zealand life insurance coverage firm, Asteron Life.
Karl Chappell, a managing director of Decision Life mentioned: “With one other profitable transaction within the UK, Decision Life continues to exhibit its means to handle life and annuity portfolios, whereas supporting insurers in assembly their long-term commitments to policyholders. Decision Life is happy to be leveraging its world expertise and professional capabilities to offer help to the UK insurance coverage market.”
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