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PartnerRe, Manufacturers Life enter longevity deal

PartnerRe Ltd. has entered into an agreement with Manufacturers Life Insurance Co. to reinsure longevity risk from an in-force block of Canadian group payout annuities.

Per the transaction, PartnerRe will reinsure the longevity risk related to about 25,000 annuitants.

Additional terms of the deal will not be disclosed.