Resolution Life has announced that its Bermudian reinsurance platform, Resolution Re, has entered into the UK Pension Risk Transfer (PRT) market with its inaugural reinsurance agreement.

The deal reinsured the longevity and asset risks associated with the pension liabilities of an unnamed UK-regulated insurer, covering both pensions in payment and deferred pensions as part of the agreement.

Resolution Re were advised on the transaction by the London Eversheds Sutherland team and Hymans Robertson.

Announcing its entry to the UK market, Resolution Re emphasised that it has worked closely with its regulator in Bermuda to develop a funded reinsurance structure that can provide capacity to the UK PRT writers in a sustainable way, whilst also considering the interests of all stakeholders including insurers and regulators.

The transaction is the first of its kind for Resolution Life, which has previously signed reinsurance agreements with Lincoln National Corporation, Dai-Ichi Life, Zurich Insurance Group, Allianz Suisse and Allianz Life North America.

This also follows the news earlier this year that Resolution Life had completed the acquisition of AIA Australia's Superannuation & Investments business.

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