Challenger extends, deepens MS Primary partnership
Major Japanese insurer, Mitsui Sumitomo Primary Life has flagged expanding its relationship with Challenger Limited’s Challenger Life after the two companies announced an extension of their reinsurance partnership.
Confirming extension of the reinsurance relationship, Mitsui Sumitomo Primary executive chairman, Yasuhiro Nagai referenced expansion of the relationship into asset management in Australia and Japan and pointed to new dimensions.
“We hope to continue to explore and exploit opportunities with Challenger to further mutual benefits and enhance the business partnership,” he said.
Announcing the extended reinsurance partnership, the two companies said that Challenger would continue to receive a quote share of reinsurance across Australia dollar, US dollar and Japanese yen denominated annuities issued in Japan by MS Primary commencing from 1 July.
The announcement said that MS Primary would provide Challenger Life an annual amount of reinsurance of at least 50 billion yen per year for five years, subject to a review in the event of material adverse change for either company.
Challenger’s chief executive and managing director, Nick Hamilton said the arrangement supports the firm’s focus on longer duration annuity business with the objective of improving the quality of Challenger Life’s annuity book growth.
And yet Innocent Advisers will still be belted for the biggest CSLR Adviser Theft Levies to pay for every other…
I appreciate that we are stuck with the Government thievery that is the CSLR. The constant (and fair) argument from…
CLSR was meant to be the ‘last resort’, not the GoTo funding model that would unfairly burden honest business operators…
Unregulated MISs the base problem. Yet MIS remain out of CSLR ? And MIS remain largely Unregulated. WTF Corrupt Canberra
Exactly