Reinsurance News

MetLife

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

MetLife agrees $3.9bn sale of US P&C business to Zurich

11th December 2020

Life insurer MetLife has reached an agreement with Zurich, via its subsidiary Farmers Group, over the $3.94 billion sale of its US property and casualty business. This deal, initially reported in November, will see Farmers Group jointly acquire MetLife Auto & Home with the Farmers Exchanges, a group of three ... Read the full article

Zurich eyeing takeover of MetLife’s US P&C business

23rd November 2020

Zurich Insurance Group has confirmed that it is currently in discussions regarding a potential takeover of MetLife’s US property and casualty (P&C) business. The company announced that talks had indeed begun after rumours about an acquisition began circulating in the media. Reuters had previously reported that a deal with life insurer MetLife ... Read the full article

MetLife grows UK longevity reinsurance book with Rothesay transaction

29th October 2020

A subsidiary of financial services company MetLife, Inc., Metropolitan Tower Life Insurance Company, has completed a UK longevity reinsurance transaction with Rothesay Life plc. Under the terms of the arrangement, the MetLife subsidiary will provide reinsurance coverage to Rothesay for the longevity risk associated with roughly $320 million of pension liabilities. Graham ... Read the full article

MetLife announces series of key leadership changes

15th October 2020

Life insurer MetLife has announced a series of changes to its senior leadership team, including the retirement of Latin America executive vice president and president Oscar Schmidt. Schmidt departs after a 26-year career with the company. He will step away from his executive position at the end of the year but will stay ... Read the full article

MetLife joins UN corporate sustainability initiative

24th June 2020

MetLife has become the first US-based life insurer to join the United Nations Global Compact, the world’s largest corporate sustainability initiative. The UN Global Compact calls for companies to align their operations and strategies with 10 universal principles in the areas of human rights, labour, the environment, and anti-corruption. “Sustainability is central ... 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

Lloyd’s CEO Neal joins GA Board alongside MetLife’s Khalaf and RGA’s Manning

16th June 2020

International re/insurance industry think tank, The Geneva Association (GA), has announced the additions of Lloyd's of London's John Neal, MetLife's Michel Khalaf, and Reinsurance Group of America's (RGA) Anna Manning to its Board of Directors. The appointments of Neal, Chief Executive Officer (CEO) of Lloyd's, Khalaf, President and CEO of MetLife ... Read the full article