Pacific Life Re has established a new team, Global Funded Solutions (GFS), to venture into the funded reinsurance market.

The newly created team will focus on supporting the insurer’s clients in writing asset intensive business where it is required.

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The company said that initially the team will focus on supporting the pension risk transfer market in the UK.

Depending on demand for this form of reinsurance support, Pacific Life Re plans to expand the service into additional geographies and product lines.

The newly created team will leverage the longevity and reinsurance structuring expertise capabilities within the Pacific Life group, as well as a significant balance sheet strength and AA- S&P credit rating.

The company has selected Phill Beach to lead the new team and will be based in Bermuda.

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Phill Beach will head up the new team and will be based in Bermuda.

Beach commented: “I am really excited to have been involved in the set-up of GFS and I look forward to working with the team to grow this business line over the coming years.

“Our insurance clients offer a huge social benefit by de-risking pension schemes and increasing security to member pensions. I’m pleased that Pacific Life Re can now play a greater role in supporting this de-risking of pensions and expand to support other asset backed business in the markets we operate in.”

Pacific Life Re CEO Dave Howell added: “Since 2008 we have grown Pacific Life Re to be a significant global reinsurer for insurance risk transfer. Our expansion into funded reinsurance was a natural next step given the balance sheet strength, capital availability and investment management capability of our parent company, Pacific Life.”