Pacific Life Re’s Global Funded Solutions Completes UK Reinsurance Transactions with Phoenix Group

Bermuda, 3rd February 2022 – Pacific Life Re is delighted to have supported Phoenix Group in writing Bulk Purchase Annuity (BPA) transactions during the second half of 2021 through its Global Funded Solutions (GFS) business line. 

These are the first transactions written between Pacific Life Re and Phoenix Group, which pave the way for future opportunities.

These transactions were led by Jeetesh Patel from Phoenix Group and Vanessa HoVon from Pacific Life Re, and were completed within a short timeframe, reflecting the growth and demand in this area of reinsurance. Transaction legal advice was provided to Phoenix Group by Eversheds and to Pacific Life Re by Hogan Lovells. 

Pacific Life Re formed the GFS team in early 2021 and since then they’ve been supporting a range of new clients, ensuring the company is a key participant in the UK pension de-risking market.

Vanessa HoVon, Director, GFS at Pacific Life Re, commented: “Thank you to the advisers and the Phoenix team for their strong expertise and the pragmatic approach that they brought to the execution process. It was a real pleasure working with Phoenix and we look forward to doing so again on future transactions.” 

Jeetesh Patel, Reinsurance & Structuring at Phoenix Group commented: “We’re delighted to have completed the first deals with Pacific Life Re which further strengthens Phoenix’s reinsurance capabilities to support our growing bulk purchase annuity franchise. Thanks to the superb team at Pacific Life Re and the advisors Eversheds and Hogan Lovells, for a highly efficient execution process.” 

About Pacific Life Re

Pacific Life Re works with clients in Asia, the UK and Europe, Australia and North America to provide mortality, morbidity, and longevity reinsurance products, funded and capital solutions. Pacific Life Re is a wholly owned subsidiary of Pacific Life.

About Phoenix Group

We are the UK’s largest long-term savings and retirement business, with £300bn of assets under administration and c.13 million customers.

We are a growing and sustainable business with a clear purpose – helping people secure a life of possibilities. This means taking responsible and sustainable investment decisions, and using our presence and voice to advocate on behalf of the UK’s savers. We understand that our scale and expertise means that we have an important role to play for our customers, colleagues and our communities.

As life expectancy continues to increase and the pension landscape continues to shift, we will continue to be a safe and dependable ally in the journey to and through retirement for millions of customers, by providing the right guidance and products, at the right time, to support the right choices. We offer a broad range of products for people across all stages of the savings life cycle. Our strategy focuses on delivering long term, sustainable value and, to fulfil our purpose, focuses on five key areas to ensure we respond to changing customer needs, manage our capital position well, create value, inspire our people, and put sustainability at the heart of our business. 

We are a FTSE 100 company and we feature in the FTSE 100 ESG Select Index. In 2020 we committed to our operations being net zero carbon by 2025 and our investment portfolios by 2050. We are playing an active role in helping to build back better and greener as we invest for the future. We are a Living Wage Employer and recognised as a Carer Positive Exemplary for offering the best support to colleagues who are carers.