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Pacific Life Re Completes Third Japan Flow Deal
Pacific Life Re has completed its third asset-intensive flow reinsurance transaction in Japan, executed with an undisclosed leading Japanese life insurer.
24 August 2026 • Page 3 • Reinsurance & Transactions
The Transaction
Announced around 19–20 August 2026, the deal involves the reinsurance of whole of life liabilities through a flow structure with a new counterparty, building on the company’s two prior flow transactions in Japan. Specific financial terms have not been disclosed.
The flow format allows the ceding insurer ongoing, repeatable cessions over time — giving it increased flexibility in managing capital and risk exposures, and enhancing the competitiveness of its product offerings. Debevoise & Plimpton LLP advised Pacific Life Re on the transaction.
24 August 2026 • Page 3 • Reinsurance & Transactions
Market Context
This third flow deal is distinct from — but sits alongside — Pacific Life Re’s separate track of block reinsurance transactions in Japan, including a third block deal completed with Tokio Marine’s Anshin Life subsidiary earlier in 2026. Taken together, the two transaction tracks reflect a broader, sustained push into the Japanese asset-intensive reinsurance market.
The wider Japanese market has become notably competitive in 2026, following the introduction of the new J-ICS economic value-based solvency regime on 31 March 2026, which calibrates capital to a 1-in-200-year stress level. The same date saw Japan Post Insurance sign separate block reinsurance deals with Aflac Re Bermuda and Talcott Life Re, while Resolution Life closed three separate Asia transactions in the same period — underlining how quickly reinsurers are moving to capture Japanese asset-intensive business.
Pacific Life Re has also been active in Europe this year, having completed a €4 billion (approximately $4.63bn) longevity reinsurance transaction with Achmea Pension & Life Insurance in the Netherlands in March 2026, of which it was awarded half of Achmea’s total €8bn in transferred pension liabilities.
“We are proud to have executed our third asset-intensive flow reinsurance transaction in Japan with a leading Japanese insurer. This achievement highlights not only our ability to structure and execute complex reinsurance solutions, but also our strong operational capabilities that support scalable, repeatable flow transactions.”
— Phill Beach, Executive Vice President, Savings & Retirement, Pacific Life Re
24 August 2026 • Page 3 • Reinsurance & Transactions
JDCC view
Worth noting Talcott’s name surfaces here too, in the Japan Post deal — a reminder of how concentrated the pool of active reinsurers really is in this market right now. With J-ICS reshaping capital calculations and multiple large reinsurers (Pacific Life Re, RGA, Resolution Life, Fortitude Re) all competing for the same Japanese back-books, we’d expect flow-format deals like this one to keep accelerating as insurers seek more repeatable, flexible capital solutions than one-off block transactions.
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