Reinsurance News
Prudential Financial
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
Bright spots exist but overall, longevity market has more to do on efficiency: Kessler, Prudential
26th April 2019
In certain instances, the efficient management of longevity risk transactions does exist, but as a whole, the marketplace has more work to do throughout the process, from start to finish. This is according to the Head of the Longevity Risk Transfer at Prudential Financial, Inc. in the U.S., Amy Kessler, who ... Read the full article
Prudential completes $2.6bn in longevity reinsurance contracts
24th April 2019
Prudential Retirement has completed approximately $2.6 billion in previously undisclosed longevity reinsurance contracts, assuming the longevity risks of roughly 16,000 pensioners. A division of Prudential Financial, Inc., Prudential Retirement provides retirement plan solutions for public, private, and non-profit organisations. The closing of roughly $2.6 billion in longevity reinsurance agreements highlights the unprecedented ... Read the full article
Favourable conditions suggest record-breaking year ahead for longevity risk transfer: Kessler, Prudential
27th March 2019
Pension funds are continuing to take advantage of favourable longevity risk transfer conditions, and it’s expected that 2019 will be another record breaking year for the market, according to Amy Kessler, Head of the Longevity Risk Transfer, Prudential Financial Inc. of the U.S. Pension funds across the UK, U.S. and Canada ... Read the full article
Lockheed Martin completes two pension risk transfer agreements
30th January 2019
Lockheed Martin Corporation, a global security and aerospace firm, has announced its involvement in two new pension risk transfer agreements, including a $1.8 billion buy-out with a subsidiary of Prudential Financial, Inc. The buy-out agreement sees Lockheed Martin transfer roughly $1.8 billion of its pension obligations via the purchase of a ... Read the full article
Prudential removed from “too big to fail” list
19th October 2018
U.S insurance giant Prudential has been removed from the “too big to fail” list, drawn up in response to the 2008 financial crisis and designed to impose extra scrutiny and regulatory requirements for large financial companies deemed a threat to the financial stability of the United States in the event ... Read the full article
Prudential Financial closes $3.2bn in new longevity reinsurance agreements
18th October 2018
Prudential Retirement, a subsidiary of Prudential Financial, Inc., has concluded $3.2 billion in previously undisclosed longevity reinsurance contracts. As part of these transactions, The Prudential Insurance Company of America (PICA) will assume the longevity risk for approximately 13,200 retirees. Prudential said that the conclusion of this deal reflects the rapid expansion of ... Read the full article
Prudential enters into $923mn pension risk transfer deal with Raytheon
30th July 2018
Prudential Insurance Company of America, a subsidiary of Prudential Financial, has entered into a group annuity contract with Raytheon, a major U.S. defence contractor and industrial corporation, that will see it take over $923 million in pension obligations. The contract covers approximately 13,000 U.S retirees, as well as their beneficiaries, from Raytheon’s ... Read the full article
Peak Re completes sale of 13.1% stake to Prudential Financial
6th April 2018
Peak Reinsurance Company Limited has announced the completion of the sale of a 13.1% stake in Peak Re Holdings to Prudential Financial, Inc. The deal had been planned since February 2018, and was completed via the issuance of new shares to a wholly owned subsidiary of Prudential Financial. Before this transaction, ... Read the full article
Prudential Financial & Scottish Widows reach $1.8 bn longevity reinsurance deal
5th February 2018
Prudential Financial company, the Prudential Insurance Company of America (PICA), and Scottish Widows, a subsidiary of Lloyd's Banking Group, have agreed on a longevity reinsurance agreement in which PICA will assume longevity risk for approximately $1.8 billion of Scottish Widows annuity liabilities. David Lang, Prudential’s lead negotiator for the transaction, said; ... Read the full article
Longevity risk transfer activity to grow in the UK and beyond: Prudential’s Kessler
14th November 2017
The longevity reinsurance and risk transfer market in the UK is expected to be active in 2018 after a period of uncertainty following the Brexit vote, and markets around the world are expected to adopt the UK's de-risking techniques, and take advantage of the efficient cost of transferring longevity risks, ... Read the full article
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