New player enters life underwriting
Another underwriter has entered the Australian life 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.
Recommended for you
Lonsec Research and Ratings has appointed a head of sales, completing the leadership team to boost its reach with financial advisers.
Allianz Retire+ has announced major leadership changes with the appointment of a new CEO and distribution heads to help expand its presence across the wealth channel.
The RBA assistant governor (business services) is set to speak at the Women in Finance Summit 2025, taking place this November.
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
