New market entrant Pacific Life Re will service only the life insurance market after entering Australia, according to Head of Marketing Ilan Leas.

“We will be… leaving both general and health insurance alone,” he told insuranceNEWS.com.au. “We have been looking to enter the Australian reinsurance market for some time.”

The company’s MD is former RGA Reinsurance Australia appointed actuary and Munich Re manager Andrew Gill.

Mr Leas says recent turmoil in the market, particularly in group life, has created an opportunity for a new reinsurer.

“Australia is one of the global reinsurance markets you cannot ignore.

“The group life market has had massive turmoil and this is probably the best time to enter that segment.”

Mr Leas say there has been capacity withdrawal in the group market, and current reinsurers have legacy issues.

“We are arriving with no legacy issues and with lots of capacity,” he said. “Initially we will look at the group life market, but it is our intention to spread into other segments.”

Pacific Life Re Australia is owned by US mutual Pacific Life Insurance, which has A+ stable ratings from Standard & Poor’s and Fitch.