Resolution Life seals reinsurance deal with Protective for $9.7b

The deal is expected to drive further growth in the global life and annuity markets.

Resolution Life has signed a reinsurance agreement with Protective Life Corporation's insurance subsidiaries, covering $9.7b in reserves tied to structured settlement annuities and secondary guarantee universal life policies.

Protective, a US subsidiary of Japan's Dai-ichi Life Holdings, will retain policy administration under the agreement.

The transaction expands Resolution Life's portfolio to approximately $100b in general account life and annuity reserves, with over four million policies in force.

The deal follows Resolution Life's recent acquisition by Nippon Life, which is expected to drive further growth in the global life and annuity consolidation markets.

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