Pacific Life Insurance Company has announced that it has completed its purchase of Manulife Financial Corporation’s retrocession business with $106 billion in individual life reinsurance face amounts.

Pacific Life, Newport Beach, Calif., announced the deal on July 18, 2011 with Manulife, Toronto (TSX:MFC).

Reinsurance is a form of insurance for insurers; a retrocession agreement is a kind of insurance arrangement for a reinsurer. The deal gives Pacific Life a 41% share of the North American individual life retrocession market.

Nearly all of Manulife’s life retrocession employees have joined Pacific Life and will be based in Toronto and Boston. The price of the deal was not disclosed.