Malaysian Reinsurance Berhad (Malaysian Re) and Pacific Life Re Ltd, Singapore Branch (Pacific Life Re) have signed an extension of the Memorandum of Understanding (MoU) aimed at providing sustainable retakaful solutions to takaful operators.

The MoU was signed by Ahmad Noor Azhari Abdul Manaf, President and CEO of Malaysian Re, and Vasan Iraqi, Managing Director of Protection at Asia Pacific Life Re.

The signing ceremony was also attended by Datuk Johar Chee Mat, Chairman of Malaysia Reinvestment Corporation; Zahruddin Dawood, President and Group CEO of MNRB Holdings Berhad; Mohamed Nizam Yahya, Senior Vice President and Head of Retakaful Malaysia; and Wallace Ong Tze Chun, Head of Southeast Asia Protection at Pacific Life Re.

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The collaboration, which began in 2019, saw Malaysian Re’s retakaful division, Malaysia Retakaful Division (MRRD), work with Pacific Life Re to provide family retakaful solutions. This partnership leverages Pacific Life Re’s global expertise and technology solutions, particularly through UnderwriteMe, Pacific Life Re’s wholly-owned subsidiary.

In addition, the collaboration facilitated knowledge exchange, with an emphasis on technical knowledge and advanced forensic practices.

Elsewhere, May saw Pacific Life Re unveil an asset-intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance (Anshin Life).

The agreement, which covers applicable whole life policies, is intended to enable Anshin Life to mitigate long-term interest rate risks in its portfolio and enhance asset liability management.

“Supporting these types of transactions in Japan is a key part of our overall strategy,” said Pacific Life Re EVP Phill Beach. “By transferring its risks to Pacific Life Re, Anshin Life can efficiently manage and improve its product portfolio, help it achieve its overall business objectives and provide the long-term stability needed to deliver on its promises to policyholders.”

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