Canada Life Reinsurance has entered into a €5.5 billion long-term longevity risk reinsurance arrangement with Dutch firm SRLEV N.V. (VIVAT), covering 70% of €8 billion of in-force liabilities.
Under this longevity reinsurance agreement, over 150,000 of in-payment and deferred pensioners liabilities are reinsured by Canada Life Re.
Global Head of Canada Life Reinsurance, Jeff Poulin, commented: “I am pleased to announce this significant reinsurance transaction, which highlights our strength in working effectively with VIVAT to structure a longevity risk solution to efficiently manage their overall risk.
“This transaction adds to our diverse longevity reinsurance portfolio and demonstrates how, together with Arpian, we create large, complex and unique risk transfer structures backed by our financial strength to benefit our clients.”
Canada Life Re, the reinsurance arm of Canada Life and which is part of a group of companies that are owned by Great-West Lifeco Inc., provides innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for both re/insurers and pension funds across the globe.
In December of last year, insurer Canada Life completed its largest ever bulk buy-in transaction, a £625 million buy-in of the Reuters Pension Fund.
We’ve aded this transaction to our Longevity Risk Transfer Deal Directory, where you can read about numerous historical longevity swap and longevity reinsurance transactions.