Global Atlantic secures $10b deal with Manulife US, Japan

This is the third partnership both entities have done.

Global Atlantic Financial Group, an insurance company catering to retirement and life insurance needs, has finalised a $10b reinsurance transaction with Manulife Financial Corporation. 

This agreement, previously announced in December, reinsures a diverse block of Manulife's life, annuity, and long-term care insurance business in the US and Japan. 

It marks the third collaboration between the two companies and Global Atlantic's inaugural block reinsurance transaction in Japan. The general account assets under management supporting the transaction amount to approximately $10b.

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Concurrently, Global Atlantic has retroceded 100% of the long-term care insurance risks to a highly rated third-party global reinsurance partner, retaining only the underlying spread-based risks associated with the LTC business subset of the block.

The company said this transaction strengthens Global Atlantic's position as a preferred reinsurer in the annuity and life insurance market, both domestically and internationally. 

With a 20-year track record encompassing over 40 transactions with nearly 30 clients and reinsuring over $140 billion of assets, the company underscores its commitment to expanding its presence in Japan and across Asia.