Pacific Life Re, a leading global life reinsurer, has announced the successful execution of a longevity reinsurance transaction with American National Insurance Company. The transaction marks Pacific Life Re's entry into the US market for its Savings & Retirement business, building on a strong track record supporting similar markets in the UK, Netherlands and Canada.

As part of the transaction, Pacific Life Re will take on the longevity risk associated with $3bn of Pension Risk Transfer (PRT) liabilities.

"We are thrilled to achieve this milestone transaction and continue to provide longevity and asset-intensive solutions globally,” said Phill Beach, Executive Vice President, Savings & Retirement, Pacific Life Re. “This transaction highlights our ability to deliver tailored longevity solutions at scale and demonstrates our strong commitment to support PRT markets and policyholders worldwide.”

Howie Timothy, AVP Client Solutions, North America, Savings & Retirement, Pacific Life Re, added: "We are very proud to have partnered closely with American National on this deal and to showcase our capabilities and expertise in a new market. We look forward to continued partnership with the team at American National."

Pacific Life Re were supported on the deal by global law firm Eversheds Sutherland.

Pacific Life Re is the global reinsurance business of Pacific Life, which has been helping customers achieve financial security for nearly 160 years and is supported by exceptional financial strength ratings. Pacific Life Re partners with insurers around the world to provide innovative risk management solutions that help them meet their policyholder commitments with confidence.

About Pacific Life Re

Pacific Life Re provides mortality, morbidity, and longevity reinsurance products, asset intensive and capital solutions and works with clients in Asia, the UK and Europe, Australia, and North America. The company is a global diversified counterparty rated AA- (stable) by Standard & Poor's and is a wholly owned subsidiary of Pacific Life. For more information about Pacific Life Re, please visit www.pacificlifere.com

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