Swiss Re, one of the world’s largest reinsurance companies, has entered into its first longevity reinsurance transaction covering US retirees, building on the firm’s global track record in the longevity risk transfer space.
The reinsurance giant has completed more than 30 longevity reinsurance transactions across the UK, the Netherlands, Singapore, and Australia since the market was established almost 20 years ago, covering more than $50 billion of pension benefits and over one million retirees.
Swiss Re has now built on this success with the execution of its first longevity risk transfer deal covering US retirees, announcing that it has entered into a $2 billion liability longevity reinsurance transaction.
For the transaction, Athene participated as the counterparty as part of its ordinary course risk management activities.
“Swiss Re’s financial strength and structuring experience support Athene’s mission to protect policyholders’ pension income in retirement. This transaction demonstrates Swiss Re’s continued commitment to delivering tailored longevity risk solutions to leading retirement services providers,” said Michael Bacon, Managing Director, Head of US Globals and Transactions at Swiss Re.
In 2025, longevity business accounted for 17% of Swiss Re’s insurance revenue, making it the second largest segment for the reinsurer’s Life & Health reinsurance operation.
“With record volumes of defined benefit plan sponsors shifting pension liabilities to insurers, Swiss Re expects significant industry need for longevity risk transfer solutions,” said the firm.
