The Canada Life Reinsurance company announced June 1 that is has assumed responsibility for covering $1.4-billion of in-force liabilities (JPY ¥125 billion) on a portfolio of whole of life insurance policies for the Dai-ichi Life Insurance Company, Limited, of Japan. Under the agreement, Canada Life Reinsurance will cover all future death and surrender claims for the reinsured business.
The reinsurance company is a division of the Canada Life Assurance Company which is in turn a subsidiary of Great-West Lifeco Inc.
The company says the reinsurance transaction is significant because it is the company’s first with Dai-ichi Life, but also the reinsurance company’s first deal in the Japanese market. “We are excited to build these partnerships in the future,” says Gareth Dobson, head of the company’s Barbados branch. “As Canada Life Reinsurance continues to expand our business beyond Europe and the U.S., this transaction demonstrates our ability to deliver reinsurance solutions to new clients in new markets.”
