Resolution Life has closed three transactions in Asia, the Bermudian-based reinsurer announced, covering policies in Hong Kong and Japan.

The deals continue the trend of Asian life insurers offloading risk to Bermuda reinsurers, with a series of deals worth billions of dollars this year.

Resolution Life said the two Hong Kong reinsurance transactions cover participating whole of life products, transferring market, policyholder behaviour and mortality risk to Resolution Life and helping the client insurers to sustain policyholder dividends over the long term. The cedants will continue to service and administer the policies.

The Japanese transaction is a flow reinsurance treaty, which “reinforces Resolution Life’s position as a trusted reinsurance partner in Japan and further strengthens our growing presence in the market”, the company said.

A flow reinsurance treaty is typically a pre-arranged, automatic agreement where an insurer transfers a fixed percentage of new, yet-to-be-written policies to a reinsurer.

Rushabh Ranavat, Resolution Life’s chief executive officer, Asia and Europe, said: “We are proud to deepen our partnerships in Asia. These transactions reflect Resolution Life’s growing market strength and our readiness to support insurers with long-term, reliable reinsurance solutions.”

This year, Japan Post Insurance has struck deals with two Bermudian long-term reinsurers, Talcott Re and Aflac Re.

Another Bermudian company, Prismic Life Reinsurance International, also agreed with Daiichi Life Insurance to reinsure a yen-denominated in-force block of whole life and annuity policies.

And a Hong Kong-based financial services firm, backed by Alibaba founder Jack Ma, has obtained conditional approval from the Bermuda Monetary Authority to set up a new Bermudian life reinsurer.