Reinsurance News
Longevity reinsurance
Longevity reinsurance is typically used to transfer the financial risk that cohorts of pensioners or annuitants live longer than expected from an insurer or pension scheme to a reinsurer.
Longevity reinsurance is often arranged as indexed arrangements, or in longevity swap formats, as well as through indemnity coverage.
Read our longevity reinsurance news below.
Howden expands insurance actuarial & longevity capabilities with acquisition of Hymans IFS team
31st March 2026
Global insurance and reinsurance broking group Howden is set to bolster its specialist insurance actuarial and longevity consulting capabilities with the acquisition of Hymans Robertson's Insurance and Financial Services Consulting Team (IFS team). The transaction is expected to close in the spring of this year, and will lead to the creation ... Read the full article
Swiss Re enters US retiree market with landmark $2bn longevity reinsurance deal
17th March 2026
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 ... Read the full article
Achmea secures €8bn longevity reinsurance from Munich Re and Pacific Life Re, advised by Aon
11th March 2026
Achmea and Achmea Pension & Life Insurance, the joint venture between Achmea and Sixth Street established on 1 October 2025, have announced the completion of two longevity reinsurance transactions, executed by Achmea Pension & Life Insurance, that together cover approximately €8 billion in pension liabilities and around half of ... Read the full article
Pacific Life Re strengthens presence in Dutch market with €1.3bn longevity swap
18th February 2026
Life reinsurer Pacific life Re has strengthened its presence in the Dutch market with the completion of a €1.3 billion longevity swap reinsurance transaction with Aegon Levensverzekering N.V., part of the a.s.r. group. This agreement is Pacific Life Re’s second longevity reinsurance transaction in the Netherlands, following its landmark €2bn ... Read the full article
Lloyds Banking Group enters into three further longevity transactions
10th December 2025
Lloyds Banking Group Pensions Trustees Limited has entered three new longevity insurance and reinsurance transactions, safeguarding a further £4.8 billion of pension liabilities against the risk of unexpected increases in member life expectancy. The new arrangements cover pensioner liabilities across three major schemes. A £3.1 billion in the Lloyds Bank Pension ... Read the full article
UK bulk annuity market hits record £47.6bn in 2024: Aon
1st April 2025
Aon, a risk management and professional services firm, has provided its 2024 UK Risk Settlement Market Update, highlighting a year of significant milestones for the bulk annuity and longevity swap markets. According to the report, the UK bulk annuity market witnessed exceptional activity in 2024, setting new records in both transaction ... Read the full article
BT Pension Scheme completes £10bn longevity swap transactions with Swiss Re & RGA
21st March 2025
The BT Pension Scheme (BTPS), one of the UK’s largest private sector pension schemes with 260,000 members and £36 billion of assets under management, has completed two longevity reinsurance transactions totalling £10 billion. The new longevity re/insurance arrangement includes a £5 billion agreement with Swiss Re and an expansion of existing ... Read the full article
MetLife enters into £450m longevity swap with Merchant Navy Ratings Pension Fund
3rd December 2024
The Trustee of the £1 billion Merchant Navy Ratings Pension Fund (MNRPF) has entered into a transaction with Metropolitan Life Insurance Company (MetLife) to manage longevity risk of around £450 million of pensioner and dependant liabilities. This transaction provides long-term protection to MNRPF against costs resulting from pensioners or their dependants ... Read the full article
Munich Re North America Life launches new longevity reinsurance offering
18th September 2024
Munich Re North America Life has launched a new longevity reinsurance offering which will reportedly allow clients to accumulate assets while transferring biometric risk. Munich Re North America Life includes Munich Re Life US and Munich Re, Canada (Life), which have served the US, Canada, Bermuda and Caribbean markets for 65 ... Read the full article
BT Pension Scheme completes £5bn longevity swap with RGA
1st August 2023
The BT Pension Scheme (BTPS) has entered into a longevity reinsurance arrangement with Reinsurance Group of America (RGA) which will further protect BTPS from the cost of unexpected increases in the life expectancy of its members. As mentioned, the arrangement covers £5bn of BTPS pensioner liabilities and follows the £16bn ... Read the full article
BoE’s PRA warns UK life insurers of key risks in FundedRe arrangements
16th June 2023
UK regulator the Prudential Regulation Authority (PRA), part of the Bank of England, wrote to life insurers to highlight the key risks about the use of funded reinsurance (FundedRe). FundedRe involves transferring the significant risks of both asset/investment and longevity to a reinsurer, effectively transferring all the substantial risks associated with ... Read the full article
Barclays closes £7 billion UK longevity transaction with Aon as lead advisor
16th December 2022
The Trustee of the Barclays Bank UK Retirement Fund has insured £7 billion of liability against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial Inc. Global professional services firm Aon acted as lead advisor on the transaction, while Allen & Overy provided legal counsel and Willkie Farr ... Read the full article
L/A & health reinsurers remain well capitalised despite elevated mortality: AM Best
11th September 2022
According to AM Best, companies within the global life/annuity and health reinsurance segments are adopting different approaches as they react to elevated mortality trends; however, these reinsurers have remained well capitalized throughout the pandemic. The report suggests life and health reinsurers’ earnings in 2021 suffered from adverse mortality trends, though the ... Read the full article
Prudential optimistic for the future as PRT market gains momentum: Rohit Mathur
7th March 2022
After a very strong 2021 that saw Prudential Retirement Strategies close a good mix of pension risk transfer (PRT) deals across various structures, Rohit Mathur, Head of International Reinsurance, told Reinsurance News that the future looks bright. Activity in the UK PRT market was very robust last year with buy-in and ... Read the full article
Longitude Exchange unveils world’s first digital market for trading longevity risk
2nd March 2022
Longitude Exchange, a new Insurtech recently launched in Bermuda, has announced the impending release of its digital marketplace for trading longevity risk in index-based format, as the company looks to lower frictional costs and timelines. The new platform brings together hedgers and investors on a web-based ecosystem that's been built specifically ... Read the full article
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