Pacific Life Insurance Co. awarded PIMCO a contract to manage a portion of its general account assets, a move it says puts the company on the “cutting edge” of insurer investing.

Mark Holmlund

The Newport Beach, Calif.-based insurer said the contract begins July 1. Terms of the deal were not disclosed.

PIMCO was selected from six firms to invest for Pacific Life among a wide range of fixed income securities, according to a statement from the companies.

“Pacific Life is among the first of large life insurance companies to employ this new investment structure,” said Mark Holmlund, Pacific Life’s chief investment officer.  He added that the company manages more than $10 billion of Pacific Life policyholder funds within our separate account offerings.

Holmlund said PIMCO’s “macroeconomic outlook and their significant expertise in a wide variety of research areas” were part of the appeal.

“We are excited to be on the cutting edge of this new investment trend,” he added.

Offering insurance since 1868, Pacific Life provides life insurance, annuities and mutual funds, and investment products and services to individuals, businesses, and pension plans

PIMCO, founded in 1971, is a global asset management firm that manages investments for clients, including retirement and other assets that reach more than 8 million people in the U.S. and millions more around the world. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a global insurance company.