The purpose of this paper is to evaluate the performance of a new multiobjective algorithm called Vector Evaluated Population Based Incremental Learning (VEPBIL). The new algorithm was applied in solving a real world application named Reinsurance Contract Optimization (RCO), which is a multiobjective problem consisting of maximizing two conflicting functions: expected return and risk. The VEPBIL was tested on two instances of the problem composed by 7 and 15 layers of real anonymized data. In order to evaluate the algorithm, metrics such as hyper volume, number of solutions and coverage were used. A comparisons against Vector Evaluated Differential evolution (VEDE) is also carried out. The comparison has shown that VEPBIL can dominate about 70% and 50% of solutions from VEDE using 7 and 15 layers respectively, whereas VEDE dominates about 10% and 30% of solutions in the way around.