Resolution Re, the Bermudian reinsurance platform of Resolution Life, the long-term legacy life insurance solutions provider, has entered into a reinsurance agreement with The Dai-Ichi Life Insurance Company Limited of Japan.

The agreement transfers a closed book of whole of life policies with JPY150 billion (~US$1.5 billion) in total liabilities. The agreement relates to coverage for market risks and insurance risks.

Dai-Ichi Life will continue to service the reinsured business, while Resolution Re and Dai-Ichi Life will work together to successfully manage the reinsured policies for the benefit of policyholders, the company said.

Earlier this year Resolution Life announced the formation of its representative office in Singapore, as the first step for Resolution Life to establish itself in Asia, where it will grow its portfolio by supporting the primary life insurance industry.

It also announced the acquisition of AIA’s A$8 billion Australian Superannuation & Investments business in February.

Nardeep Sangha, CEO of Resolution Life New Markets, said: “This is an important transaction for Resolution Life, our first in Japan and the first since we opened our office in Singapore.

“The Japanese and broader Asian markets have potential for significant growth and our global experience, regional strategic relationships and aligned business model leave us well positioned to benefit.”

Steve Hales, CEO of Resolution Re, said: “We are delighted to help Dai-Ichi Life serve its policyholders, while allowing the business to focus on its growth strategy.

“The collaboration between our two teams allowed us to execute this innovative transaction effectively and we look forward to working together to meet policyholder commitments.”