Reinsurance News
longevity
Willis Pension Scheme in £1bn longevity swap with reinsurer Munich Re
30th June 2020
The Willis Pension Scheme has entered into a longevity swap transaction with global reinsurance giant Munich Re, under which the reinsurer will manage the longevity risk in relation to c£1 billion of pensioner liabilities. This longevity reinsurance transaction covers roughly 3,500 Scheme members, providing long-term protection for the Scheme against additional ... Read the full article
MetLife enters UK longevity reinsurance market with PIC transaction
18th June 2020
Metropolitan Tower Life Insurance Company, a wholly owned subsidiary of MetLife, Inc., will provide reinsurance to Pension Insurance Corporation (PIC) for longevity risk associated with roughly £280 million of pension liabilities. This transaction signals MetLife's entry into the UK longevity reinsurance marketplace and positions the firm as a reinsurance solution for ... Read the full article
NN Life transfers €13.5bn of longevity risk to Canada Life, Munich Re & Swiss Re
19th May 2020
A subsidiary of NN Group, NN Life, has completed three longevity reinsurance transactions with reinsurers Canada Life, Munich Re, and Swiss Re, transferring the full longevity risk associated with €13.5 billion (USD 14.8 billion) of pension liabilities in the Netherlands. The arrangements cover the risks associated with the policies of more ... Read the full article
PIC converts longevity swap into £1.6bn buy-in for MNOPF
10th February 2020
Pension Insurance Corporation plc (PIC) has completed the conversion of a longevity swap transaction into a £1.6 billion buy-in with the Merchant Navy Officers Pension Fund (MNOPF). The buy-in secures the pension of approximately 14,000 members and coverts a longevity hedge written in 2014 between MNOPF and Pacific Life Re. The 2014 ... Read the full article
The Co-operators in CA$660mn longevity insurance deal with CSS
28th January 2020
The third longevity insurance deal in Canada sees The Co-operators assume the longevity risk for CAD 660 million (approximately USD 500 million) of pension plan liabilities from the Co-operative Superannuation Society (CSS) Pension Plan. The longevity arrangement is designed to provide greater financial security to more than 6,300 members of the ... Read the full article
WTW anticipates a busy year for longevity hedging & bulk annuities
21st January 2020
Global insurance and reinsurance brokerage, Willis Towers Watson (WTW), is expecting a busy year in the longevity de-risking markets after a record-breaking 2019. In 2019, £41 billion of bulk annuities completed alongside £12 billion of longevity swaps, making it a record year for the longevity de-risking sector. In a recent report, WTW ... Read the full article
£70 billion of longevity deals completed by FTSE 100 companies: Aon
9th October 2019
More than one-third of FTSE 100 companies with defined benefit (DB) pension schemes have taken steps to remove longevity risk via bulk annuities and longevity swap transactions, reports global insurance and reinsurance broker, Aon. To date, £70 billion of completed longevity risk transactions by FTSE 100 firms have taken place, with ... Read the full article
Just Group signs longevity reinsurance deal with RGA
4th September 2019
Life insurer Just Group has signed a deal with The Reinsurance Group of America that will reduce its exposure to longevity risk, and the associated capital requirements, for Defined Benefit De-risking Solutions business. Effective July 1, the agreement will see Just Group increase the proportion reinsured to 100% for all in-force ... Read the full article
HSBC UK pension completes £7bn longevity swap with Prudential
6th August 2019
The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc., has completed a longevity swap transaction with the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns the longevity risk in relation to c£7 billion ... Read the full article
Prudential & Phoenix enter inaugural longevity reinsurance agreement
2nd August 2019
The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc. (PFI), has entered into an inaugural longevity reinsurance arrangement with pension insurer, The Phoenix Group covering U.K. retirees. PICA has been very active in the global pension de-risking, or longevity re/insurance market since the launch of its longevity ... Read the full article
Retirement security bills may drive opportunities for life/annuity players: A.M. Best
24th July 2019
The SECURE Act, which is currently with the U.S. Senate after being passed in the U.S. House of Representatives, is expected to create additional market opportunities for the retirement and employee benefits segments of the U.S. life space, according to A.M. Best. The Setting Every Community Up for Retirement Enhancement Act ... Read the full article
Mercer announces five-year Club Vita partnership
12th July 2019
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan Companies, is partnering with longevity analytics firm Club Vita. The five-year partnership, effective immediately, will see Mercer offer Club Vita’s longevity risk reporting tools to US clients. Mercer's US pension plan clients will have access to Club Vita's proprietary ... Read the full article
Longevity risk data provider Club Vita expands into U.S
28th June 2019
Club Vita, a UK-based provider of longevity risk data, has announced that it plans to expand into the U.S market. Having successfully launched in Canada in 2015, Club Vita will now aim to extend its longevity data analytics service to American pension plans and insurers. The company uses ZIP codes and other ... Read the full article
Record £7 billion of longevity risk reinsured by PIC in 2019
24th June 2019
Pension Insurance Corporation (PIC) has completed £5.8 billion (USD 7.4 billion) of pension buy-ins and buyouts and has reinsured a record £7 billion (USD 8.9 billion) of longevity risk so far in 2019. The specialist insurer of defined benefit pension funds has highlighted a very active year for the pension risk ... Read the full article
Marks & Spencer completes £1.4bn pension buy-in with PIC, Phoenix Life
23rd May 2019
Marks & Spencer has secured two further pensioner buy-ins with Pension Insurance Corporation (PIC) and Phoenix Life totalling roughly £1.4 billion. The latest buy-in sees Marks & Spencer further de-risk its £10 billion defined benefits pension scheme. This £1.4 billion pension buy-in round, combined with two policies purchased in 2018, means ... Read the full article
- ← Previous
- 1
- 2
- 3
- Next →
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
