Manulife Financial Corp. and Pacific Life Insurance Company have entered into an agreement in which Pacific Life will purchase Manulife’s Life Retrocession business. The transaction is expected to result in an after-tax gain on sale of approximately $275 million for Manulife.
Pacific Life said the portfolio of approximately $106 billion of individual life reinsurance face amount will make it the leading individual life retrocessionaire in North America, with an approximate 41% share of the market. "The businesses of reinsurance and retrocession are not new to Pacific Life," said James T. Morris, Pacific Life's chairman, president and CEO. "Pacific Life Re, a subsidiary of Pacific Life, is focused on providing life reinsurance solutions and support to insurance clients in the U.K., Ireland, and Asia. Additionally, Pacific Life's Life Insurance Division has been in the life retrocession business since 2002."
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