Manulife Financial selling Life retrocession business to Pacific Life
Manulife Financial Corp. plans to sell its life retrocession business to the US-based Pacific Life Insurance Co. due to more ``restrictive'' Canadian regulatory requirements, according to Manulife's chief executive officer.
Manulife Financial, Canada's largest life insurer, sees a funding shortfall for the country's renewable power developers, as demand for cash outpaces the debt market's recovery from the credit crunch.