Sidley Austin advises on £300m Munich Re / PIC longevity reinsurance deal

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The London office of law firm Sidley Austin LLP acted as a legal adviser to global reinsurer Munich Re on its recently completed £300m reinsurance deal which saw Munich Re assume £300m of longevity risk from Pension Insurance Corporation. The Sidley team was led by the head of the London insurance team, Martin Membery, and Global Finance Partner, Matthew Dening.
The reinsurance deal which was announced on Monday of this week saw Pension Insurance Corporation take the reinsurance coverage they have purchased up to as much as £3.5 billion, or around 65%, of their total exposure to pension plan risks including longevity.

“Sidley is delighted to have supported Munich Re on its continued expansion into the longevity hedging market,” said Membery. “Our blend of insurance, derivatives and finance experience has placed us firmly at the forefront of this fast developing market.”

Sidley is one of only a few global law firms to have a substantial, multidisciplinary practice group devoted to the insurance and financial services industry. Their lawyers and partners have experience across the insurance-linked securities and catastrophe bond market, as well as reinsurance and longevity risk transfer.

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