Reinsurance News

MetLife

MetLife closes $19bn reinsurance agreement with Global Atlantic

16th November 2023

Life insurer MetLife has announced it has completed a $19 billion risk transfer transaction with Global Atlantic Financial Group, a retirement and life insurance company. The deal sees Global Atlantic reinsuring a diversified portfolio of MetLife’s US retail annuity and life insurance business, reinforcing Global Atlantic’s position as a leading reinsurer ... Read the full article

Record 89% of U.S. companies eye full divestment of pension liabilities: MetLife’s 2023 Poll

5th October 2023

The U.S. pension risk transfer market is on a record-breaking trajectory, with an overwhelming 89% of companies planning to divest all their defined benefit (DB) pension plan liabilities, according to MetLife's 2023 Pension Risk Transfer Poll. This indicates that the momentum witnessed in recent years is set to continue, with an ... Read the full article

MetLife makes several key leadership appointments

27th June 2023

MetLife Inc., one of the world’s leading financial services companies has made several leadership changes. The firm has announced that Steven J. Goulart, Chief Investment Officer and President of MetLife Investment Management, will retire on August 31, 2023, in line with the firm’s age-65 retirement policy. At the same time, MetLife Chief ... Read the full article

Global Atlantic and MetLife sign $19.2 billion reinsurance agreement

25th May 2023

Leading financials services company Global Atlantic Financial Group and life insurer MetLife, Inc. have entered into a reinsurance agreement valued at $19.2 billion. The deal will see Global Atlantic reinsuring a diversified portfolio of MetLife's U.S. retail annuity and life insurance business, reinforcing Global Atlantic's position as a leading reinsurer in ... Read the full article

MetLife announces Bryan Boudreau as new Global Chief Actuary

24th March 2023

MetLife, Inc. has announced the appointment of Bryan Boudreau as Executive Vice President and Global Chief Actuary. Boudreau succeeds Andy Rallis, who will retire on the 10th of May 2023, after a 39-year career at MetLife where he was the Global Chief Actuary for the last 11 years. In the new ... Read the full article

Inflation the leading catalyst for Pension Risk Transfer Activity: MetLife

14th October 2022

According to MetLife's 2022 Pension Risk Transfer Poll, 95% of defined benefit (DB) plan sponsors say that higher inflation is impacting their decision to move forward with a pension risk transfer (PRT), including 50% saying it’s very impactful. Elizabeth Walsh, head of Pension Solutions at MetLife, commented, “The economic landscape has ... Read the full article

IBM transfers portion of DB scheme to Prudential and MetLife

20th September 2022

Computer giant IBM has transferred a portion of its US-qualified defined benefit (DB) pension plan obligation to Prudential and MetLife. The firm said in an article on its website that the move was the ‘logical next step’ after several years looking to reduce the risk profile of its worldwide retirement-related plans ... Read the full article

MetLife completes two longevity reinsurance transactions

28th January 2022

The Metropolitan Tower Life Insurance Company has completed two longevity reinsurance transactions with Phoenix Group. The transactions, completed at the end of last year, dictate that the insurer will provide reinsurance to Phoenix for longevity risk associated with approximately $2.4 billion of U.K. pension liabilities. Jay Wang, senior vice president and head ... Read the full article

MetLife completes first UK pension scheme liabilities longevity swap

21st January 2022

Metropolitan Tower Life Insurance Company has completed its first longevity swap of UK pension scheme liabilities. The transaction, which went through in Q4 2021, means that company—a subsidiary of MetLife—will provide reinsurance for longevity risk associated with $3.5bn of pension liabilities. The lead adviser on the deal was Aon, while the intermediary ... Read the full article

MetLife France adopts ALLFINANZ suite from Munich Re Automation Solutions

28th October 2021

Munich Re Automation Solutions, a provider of insurtech solutions to the life insurance industry, has announced a new partnership with MetLife France, which has adopted the ALLFINANZ product suite to digitise its life insurance underwriting process. ALLFINANZ, with automated underwriting and analytics solutions, is expected to increase MetLife France’s straight-through-processing rate, ... Read the full article

NN Group makes takeover bid for MetLife business in Europe

28th June 2021

Dutch insurer NN Group has confirmed that it has put forward an offer to acquire part of MetLife’s businesses in Europe. The company says that such an acquisition would be an opportunity to consolidate its positions in these markets, which are considered to have attractive growth potential. Neither NN Group or MetLife ... Read the full article

MetLife completes sale of US P&C business to Zurich

8th April 2021

MetLife, Inc. has announced the completion of its previously announced sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group. First reported in November, the $3.94 billion deal sees Farmers Group jointly acquire MetLife Auto & Home ... Read the full article

Philips NA enters pension agreement with Principal & Metropolitan Tower Life

1st March 2021

Philips North America has entered into an agreement with Principal Financial Group and Metropolitan Tower Life Insurance, a subsidiary of MetLife, to transfer approximately $1.2 billion of its pension plan obligations. The agreement, which was signed in the fourth quarter of 2020, provides guaranteed retirement income solutions for approximately 11,000 retirees, ... Read the full article

MetLife expands in UK longevity market with $5bn Rothesay transactions

26th February 2021

Metropolitan Tower Life Insurance Company, a subsidiary of financial services company MetLife, Inc., has announced the completion of two longevity reinsurance transactions with Rothesay Life Plc. After entering the UK longevity reinsurance market in June of last year via an arrangement with Pension Insurance Corporation (PIC), MetLife subsequently completed ... Read the full article

MetLife inks four longevity reinsurance transactions with L&G

11th January 2021

Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, completed four UK longevity reinsurance transactions with Legal & General in 2020. The transactions will see Metropolitan Tower Life provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities. “Legal & General ... Read the full article