Regulatory approval from the CIRC has been officially received by Pacific Life Re to establish its representative office in Shanghai, China, adding to the company’s network which has existing offices in Asia, Europe, Australia and North America. Pacific Life Re works with clients in the UK, Ireland, Asia, Australia, and North America to manage their mortality, longevity, and morbidity risk. It is a wholly-owned subsidiary of Pacific Life Corp. The ultimate parent is Pacific Mutual Holding Company, a US-based mutual life insurance company founded in 1868.
"After successfully establishing a branch office in Seoul, South Korea, earlier last year, this move demonstrates our deepening commitment to the North Asia markets," said Alex King, Managing Director of Pacific Life Re Asia.
"With a representative office in Shanghai, we are embarking on the initial phase of learning about the needs of the market. Through robust market research and the insights gained, we will be in a better position to customise and bring fresh and innovative product ideas to the Chinese life insurance market."
Pacific Life Re CEO, Dave Howell, also commented: "China has an existing protection need that is bigger than any market in Asia, and I am confident in our ability to work closely with the insurers in China to increase sales of products that would meet the needs of local consumers."
With more than 17 years’ experience in the life insurance industry, undertaking both local and regional roles, Pacific Life Re has appointed Ms Vivian Wei as its China representative to support its goal of ultimately writing business in China.