The Bermudian-based subsidiary of an American annuity, life insurance and reinsurance group has entered into a $4.8 billion reinsurance transaction.

Global Atlantic Financial Group said its subsidiary, Global Atlantic Assurance Limited, inked the deal with AXA China Region Insurance Company Limited and AXA China Region Insurance Company (Bermuda) Limited (AXA HK).

The company said the deal is Global Atlantic’s first block reinsurance transaction sourced outside the United States.

Under the agreement, which closed Monday, upon signing, Global Atlantic said AXA HK has reinsured a closed block of whole life insurance policies, originated in Asia, and backed by $4.8 billion in assets.

The company said AXA HK will continue to service and administer the policies as insurer of the reinsured block of business.

Manu Sareen, president of Global Atlantic’s Institutional business, said: “Our tailored, relationship-based approach translates well outside the US, and we’re excited to serve the international market when the right opportunities present themselves.”

The company added that the previously announced Ivy co-investment vehicle will invest alongside Global Atlantic Assurance Limited.

Global Atlantic will be responsible for providing its leading risk management for business ceded to Ivy.

Global Atlantic said the deal further advances its position as a leading reinsurance franchise in the US life and annuity marketplace, having reinsured approximately $65 billion of assets since its inception in 2004.