Canada Life’s Reinsurance Division, Canada Life Re, is pleased to announce that it has recently entered into a long term reinsurance agreement with Aegon to cover the longevity risk on a €6 Billion portfolio of Dutch annuities. The transaction was written by the Barbados Branch of The Canada Life Assurance Company.

Tom O’Sullivan, the General Manager of the Barbados Branch of The Canada Life Assurance Company commented, ‘I am delighted to announce this major transaction. I am particularly pleased with the way we were able to work closely with our partners at Aegon to develop an innovative solution for longevity risks and to create a flexible solution that further improves their risk profile.’’

John Occleshaw, global head of Canada Life Re, added ‘We have once again demonstrated our ability to write large, complex and innovative transactions. It is another significant step in the development of our rapidly expanding reinsurance business with the European market.’

Canada Life Re offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the US and Europe. Canada Life Re continues to expand the reinsurance solutions it offers to insurers and reinsurers in many European markets including the Netherlands, the UK, France, Germany, Italy, Spain, Portugal, Sweden and Ireland.