Reinsurance News
Prudential
Court ruling on Prudential/Rothesay expected to disrupt de-risking plans: Fitch
28th August 2019
A recent UK High Court judgement to block Prudential's proposed £12 billion annuities transfer to Rothesay Life, is a sign that some insurers will likely have to retain business that they hoped to offload, warns Fitch Ratings. The proposed Part VII portfolio transfer from Prudential to Rothesay Life, which followed ... Read the full article
Prudential’s £12bn annuities transfer to Rothesay blocked by High Court
16th August 2019
A UK High Court judgement has blocked Prudential's proposed £12 billion annuities transfer to longevity re/insurer Rothesay Life. The Part VII portfolio transfer was first announced by Prudential in March 2018 as part of plans to demerge its UK & Europe business. The High Court judgement supposedly has no impact on ... 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
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
Pension reinsurance market growing at fastest pace in years: Prudential’s Kessler
27th December 2018
The pension de-risking market is growing at its fastest pace in years, in part because such activity has become more affordable than at any point in the last decade, according to the Head of Longevity Risk Transfer at Prudential Financial Amy Kessler. Providing an outlook for the longevity reinsurance market over ... Read the full article
Prudential takes on $1.6bn in pension liabilities from International Paper
2nd October 2018
The Prudential Insurance Company, a subsidiary of Prudential Financial is to assume responsibility for paying pension benefits to ~23,000 of International Paper’s retirees, following an agreed transfer of $1.6 billion in pension liabilities. The agreement is the second pension risk transfer between the two companies in just over a year. Last ... Read the full article
Ping An considers acquisition of Prudential’s Asia business
14th August 2018
Ping An Insurance, China’s largest insurer by market value, is considering an acquisition of Prudential Plc’s Asia business, according to sources at Bloomberg. The move would allow Ping An to expand into new insurance markets from Singapore to Indonesia, and would bring it into competition with international companies such as AIA ... Read the full article
Prudential takes on $1.4bn of pension longevity risk from Aviva
8th August 2018
Prudential Retirement, part of Prudential Financial, has reinsured longevity risk for approximately £1 billion (nearly $1.4 billion) in pension liabilities from Aviva Life and Pensions, the first such transaction between the two companies. The deal comes amid a rising appetite for de-risking in the U.K as attractive pricing and enhanced capacity ... Read the full article
Prudential develops digital claims solutions for hospitals
28th June 2018
Prudential Hong Kong Limited has developed two new digital solutions to streamline the way consumers and medical professionals manage hospital claims in Hong Kong. Its new ‘Hospital to Prudential’ portal is designed to provide a simple, paperless hospital claims process for both customers and operators, while its Chatbot Claims platform aims ... Read the full article
Prudential & PIC in sixth longevity reinsurance transaction
9th May 2018
As demand for pension de-risking continues to surge, Prudential Retirement, a division of Prudential Financial, Inc., has entered into its sixth longevity reinsurance agreement with Pension Insurance Corporation plc (PIC). The latest deal between the pair sees the Prudential Insurance Company of America (PICA) assume the longevity risk for £900 million ... Read the full article
Prudential collaborates with PIC to de-risk small pensions
4th April 2018
Prudential Retirement, a unit of Prudential Finance, Inc., and Pension Insurance Corporation (PIC) have collaborated on a new approach to expedite longevity reinsurance transactions on smaller pension buy-ins and buy-outs. The partnership will allow PIC to more efficiently address the risk transfer needs of small pensions by combining an advance commitment ... Read the full article
Prudential Corporation Asia hires new Chief Operating Officer
13th March 2018
Prudential Corporation Asia (PCA), the Hong Kong-based life insurance business unit of Prudential plc, has announced the appointment of Robin Spencer as Chief Operating Officer. In his new role as a member of the PCA Executive Team, Spencer will be responsible for supporting an efficient operating model for the company, optimising ... Read the full article
Michael Abramson named Partner & Risk Transfer Specialist, Hymans Robertson
14th February 2018
Michael Abramson has joined Hymans Robertson from Prudential as a Partner and Risk Transfer Specialist, based in the firm's London office. Most recently he was Prudential's Director of Wholesale Transactions, and brings roughly 15 years of industry experience to his new role. While at Prudential he was responsible for the firm's ... Read the full article
Prudential & Legal & General conclude $800m longevity reinsurance deal
21st December 2017
The Prudential Retirement Insurance and Annuity Company (PRIAC), a Prudential Financial unit, has concluded a reinsurance agreement which will see it assume longevity risk for about $800 million in pension liabilities, which are held by Legal & General as part of its bulk annuity business. This transaction covers more than 2,000 ... Read the full article
International Paper transfers $1.3bn in pension obligations to Prudential
5th October 2017
A new pension risk transfer agreement has been reached between International Paper and The Prudential Insurance Company of America, which sees the former purchase a group annuity contract to settle roughly $1.3 billion of its pension obligations. Under the agreement, Prudential is transferred the pension obligations of approximately 45,000 of International ... Read the full article
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