Canada Life Reinsurance announced May 20 that it has entered into a long-term longevity reinsurance agreement with NN Life that covers €5.3 billion (C$8.1 billion) of in-force liabilities. Under this deal, close to 82,000 in-payment defined benefit pensioners in the Netherlands will be reinsured by Canada Life Re.
"I'm pleased that despite a significantly altered work environment due to Covid-19, Canada Life Reinsurance and NN Life's teams worked together to complete this major transaction," said Jeff Poulin, Global Head of Canada Life Reinsurance. "It will allow us to further expand and diversify our global longevity business in 2020 and beyond."
NN Life is a subsidiary of NN Group – an international financial services company based in the Netherlands. It is particularly active in a number of European countries and Japan.
Derek Popkes, Chief Operating Officer at Canada Life Re, said "We look forward to a long and mutually beneficial relationship with NN Life. Our commitment to the Dutch market and our strong financials make us a good partner in the Netherlands."
Poulin said this agreement is another example of Canada Life Re’s strength in reinsuring longevity risk. In December it entered an agreement with Aegon to cover €12 billion of in-force liabilities. In March 2019, it entered a major long-term reinsurance agreement with VIVAT.
