Canada Life Re took EUR 5.3bn of NN Life longevity swap & reinsurance

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Canada Life Reinsurance took EUR 5.3 billion of the long-term longevity risk associated with EUR 13.5 billion of in-force liabilities of NN Life’s portfolio, in the recently completed longevity swap and reinsurance arrangement.

canada-life-re-logoAs we explained earlier this week, NN Life, part of the Nationale-Nederlanden (NN Group), has secured longevity swap and reinsurance arrangements with Canada Life, Munich Re and Swiss Re, transferring all of the longevity risk associated with some EUR 13.5 billion of pension liabilities from the Netherlands to the counterparties.

Munich Re had taken EUR 3.8 billion of the arrangement in a longevity reinsurance swap arrangement with NN Life and said that it was the first significant longevity transaction in the Netherlands for the reinsurer, part of a strategy to grow with select markets.

Canada Life Re took a larger share at EUR 5.3 billion of the pension longevity liabilities and Jeff Poulin, Global Head of Canada Life Reinsurance explained that the transaction is an example of the firm’s strength as a partner for reinsurance longevity transactions globally.

“I’m pleased that despite a significantly altered work environment due to Covid-19, Canada Life Reinsurance and NN Life’s teams worked together to complete this major transaction,” Poulin commented. “It will allow us to further expand and diversify our global longevity business in 2020 and beyond.”

Derek Popkes, Chief Operating Officer at Canada Life Reinsurance, also said, “Canada Life Reinsurance remains focused on delivering for our clients in these challenging times.  We look forward to a long and mutually beneficial relationship with NN Life. Our commitment to the Dutch market and our strong financials make us a good partner in the Netherlands.”

It seems that Swiss Re, the other major reinsurance firm supporting NN Life’s longevity swap and reinsurance needs, has likely taken the other EUR 4.4 billion of the pension related liabilities that were included in this transaction.

Read about many historical longevity swap and reinsurance transactions in our Longevity Risk Transfer Deal Directory.

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