Reinsurance News
annuity
Rothesay Life reinsures £12 billion annuity book for Prudential
14th March 2018
Life, annuities, pension and longevity re/insurer Rothesay Life has reinsured a £12 billion chunk of Prudential plc's annuity book managed under the M&G Prudential brand. Prudential today announced that it will be demerging its UK & Europe business M&G Prudential from the overall Prudential plc group, resulting in two separately-listed companies. The ... Read the full article
UK life insurers to see gains following drop in life expectancy rates: RBC
7th March 2018
UK life insurers are expected to report years of gains as 2017 life expectancy rates slow compared to reserve assumptions. RBC Europe said "over the next 2 weeks, the large UK annuity writers will report their 2017 preliminary results - we expect the group to handsomely beat consensus estimates as they ... Read the full article
PIC in $140 million pension insurance buy-in with WPP
7th February 2018
Specialist, defined benefit pension fund insurer, Pension Insurance Corporation plc (PIC), has insured five WPP pension schemes in a new $140 million transaction, covering pensioner and deferred liabilities. The agreement covers $140 million of defined benefit pension fund liabilities across five pension schemes sponsored by WPP, the world's largest communications services ... Read the full article
2018 poised to become most active year ever for bulk annuity transactions: Mercer
24th January 2018
Mercer advises sponsors of defined benefit plans to start preparing for any potential de-risking transactions as soon as possible, with 2018 expected to be a very active year for the bulk annuity and longevity swap market. According to consultancy Mercer, 2018 is poised to become the most active year ever for ... Read the full article
U.S. life/annuity insurers’ appetite for reinsurance growing, but options decline: A.M. Best
22nd January 2018
U.S. life/annuity insurers have an increased appetite for utilising reinsurance protection as a risk management tool, but consolidation in the U.S. life reinsurance sector is limiting the options for primary players, according to ratings agency A.M. Best. A.M. Best states that U.S. life/annuity insurance companies have increased the aggregate face amount ... Read the full article
Langhorne Re launched by RGA and RenRe as in-force life & annuity reinsurer
11th January 2018
Two major global reinsurance firms, Reinsurance Group of America and RenaissanceRe, have launched a new start-up named Langhorne Re, which will target in-force life and annuity business and leverage third-party capital as part of its backing. Langhorne Re will be a global reinsurer targeting large in-force life and annuity blocks, the ... Read the full article
Athene to reinsure $19 billion of Voya Financial annuity liabilities
21st December 2017
Athene Holding has entered into an agreement with Voya Financial to reinsure about $19 billion of fixed and fixed indexed annuity liabilities. Prior to the closing of the transaction which is set for the second or third quarter of 2018, Athene will evaluate a range of potential debt financing alternatives, which the ... Read the full article
UK bulk annuity market to flourish in 2018, says Aon
14th December 2017
Insurance and reinsurance broker Aon is anticipating an active 2018 for the UK bulk annuity market, expecting transactions to reach £30 billion (US$40.3bn) for the first time. Transaction in 2017 are expected to exceed £10 billion (US$13.4bn) for the fourth consecutive year, in spite of the market failing to see any ... Read the full article
Smiths Group pension scheme secures £207mn Canada Life bulk annuity
25th October 2017
Smiths Group pension scheme secured a £207 million annuity with Canada Life Deal using Aon's Compass platform in their seventh bulk annuity purchase. The trustees were advised by Aon Hewitt, using its Compass bulk annuity platform - across the sponsor's two schemes, Aon Hewitt has now secured seven bulk annuities totalling ... Read the full article
Large reinsurance agreements impact performance of U.S. life/annuity sector in 2017
10th September 2017
The U.S. life/annuity market recorded net income of $18.5 billion in the first-half 2017, compared with a $2.6 billion net loss for the same period in 2016. Results that A.M. Best says were significantly impacted by the effects of large reinsurance agreements over the last two years. Global ratings agency A.M. ... Read the full article
MS&AD Insurance buys stake in Australian life & annuities firm Challenger
16th August 2017
Japanese insurance group MS&AD Insurance Holdings, the parent of the Mitsui Sumitomo insurance entities, has bought a stake in an Australian life and annuities specialist as it looks for further diversification. Japanese insurance groups have been investing in operations around the globe as they look to diversify their businesses away from ... Read the full article
UK pension risk transfer to re/insurers to reach £700 billion by 2032
10th August 2017
Demand for bulk annuity buy-ins is expected to quadruple over the next 15 years as £700 billion worth of defined benefit pension scheme liabilities are expected to be passed to insurers by 2032, according to a Hymans Robertson report. Around one-third of current defined benefit (DB) pension risk schemes are expected ... Read the full article
Speed of execution key in Zurich annuity reinsurance deal: RGA
19th May 2017
The speed with which Reinsurance Group of America helped Zurich Insurance Group subsidiary Farmers Farmers New World Life to the recent $2.3 billion annuity reinsurance transaction was key and demonstrates the reinsurers ability, it said today. Yesterday we reported on the completion of the $2.3 billion annuity reinsurance transaction, ... Read the full article
Zurich unit in $2.3bn annuity reinsurance deal with RGA Re
18th May 2017
A subsidiary of Zurich Insurance Group has entered into a $2.3 billion reinsurance arrangement on a closed book of annuities with Reinsurance Group of America. The recently announced transaction saw Farmers New World Life, a subsidiary of Zurich, enter into an agreement with Reinsurance Group of America to reinsure a portion ... Read the full article
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