The Globe and Mail reports in its Tuesday edition that Manulife Financial has executed a deal with Global Atlantic to reinsure more than $13-billion of risk on its books, freeing up about $1.2-billion in capital that will be used for future share buybacks. The Globe's Clare O'Hara writes that Manulife said Monday that Global Atlantic and its partners will reinsure four separate blocks of business, including $6-billion of the company's reserves for its long-term-care business, representing 14 per cent of the insurer's total reserves. Manulife said the transaction involving the long-term-care block is one of the largest long-term care reinsurance deals ever done. Global Atlantic will also reinsure $1.6-billion of Manulife's U.S. structured settlements, an investment product that provides exposure to derivatives, and $5.6-billion in two types of Japanese whole life policies. Manulife chief executive officer Roy Gori said he also expects to dispose of $1.7-billion of alternative long-duration assets, such as annuity products that were backing the four business units. The Globe says Monday's deal, which is expected to close in the first half of 2024, will free up $1.2-billion in capital for an eventual issuer bid.