Another reinsurer enters life/risk space
At the same time as debate continues around the profitability of some segments of the Australian life/risk industry, another underwriter has entered the sector.
Pacific Life Re (Australia) Pty Limited confirmed this week it had received regulatory approval from the Australian Prudential Regulatory Authority (APRA) to commence writing life reinsurance business in Australia.
Pacific Life Re Australia is part of Pacific Life Re, the reinsurance division of the Pacific Life group, and has existing offices in Europe, Asia and North America. The ultimate parent is US-based mutual life company, Pacific Mutual Holding Company.
Confirming the move this week, Pacific Life Re Australia managing director, Andrew Gill, said the APRA approval represented a significant milestone as the company looked to bring additional reinsurance capacity to the Australian life market.
"The Australian market has undergone a fair amount of disruption in the life insurance space over the last few years so we see this as a unique opportunity to bring a fresh approach to supporting Australian insurers," he said.
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