PartnerRe has entered into a transaction with Manulife to reinsure the longevity risk from an in-force block of Canadian group payout annuities.

A release said that PartnerRe will reinsure the longevity risk in respect of about 25,000 annuitants.

“PartnerRe is excited to have partnered with a company such as Manulife in completing its first longevity reinsurance transaction in Canada,” said PartnerRe North America Life CEO Alan Ryder. “We have developed a strong brand in providing varied solutions for life reinsurance and were able to apply our innovative thinking in developing a customized structure that meets Manulife’s needs.”

“PartnerRe has a track record in innovation in longevity reinsurance,” added PartnerRe Europe, Middle East, Latin America Life and Longevity CEO Kevin O’Regan. “We’re delighted that our customer focused approach has delivered this solution. It was great working with such a professional team at ManuLife.”

Other terms of the transaction were not disclosed.