Longevity swap consultant joins pension de-risking advisory LCP


Financial, actuarial and business consultancy with a specialist focus on pensions, investment and insurance, Lane Clark & Peacock LLP (LCP), has announced the appointment of Murray Blake within its pension de-risking practice.

Blake joins from Pacific Life Re where he was responsible for the firm’s longevity reinsurance solutions, an area of practice that he has more than eight years of experience in.

While at Pacific Life Re, Blake finalised transactions involving more than $4 billion worth of pension liabilities, which LCP says included transactions with Rothesay Life and the Merchant Navy Officers Pension Fund. Also, Blake previously worked at Towers Watson as a member of the group’s longevity research group.

Discussing his new appointment, Blake said; “When at Pacific Life Re, I saw first-hand how important a pension scheme’s choice of advisor was to the success of a transaction. LCP’s reputation for understanding the detail combined with a strong focus on closing the right transaction for each of their clients were a key factor in my decision to join.”

Partner at LCP, Clive Wellsteed commented on Blake’s appointment; “The majority of our de-risking work is from new clients hiring LCP as a specialist adviser and Murray’s experience of structuring longevity swap transactions for a reinsurer will help us to continue to build our reputation in the market.”

In recent times, most notably in the U.K. but increasingly across the U.S., Canada, the Netherlands and beyond, the longevity swap, insurance and reinsurance market has witnessed rapid growth, with further, ‘inevitable’ market expansion predicted.

According to some reports, since 2007 roughly $250 billion worth of U.S., U.K., and Canadian pension liabilities have been transferred to international insurers and reinsurers. And with the expectation that longevity swap transactions will continue to grow in size and frequency, the need for specialist pension de-risking advisory firms, like LCP, will likely rise also.

Blake’s appointment as a consultant within LCP’s longevity swap division takes the company’s total number of partners and consultants to beyond 30, as the firm looks to continue building market relationships in an ever-expanding sector.

Read about recent longevity swaps, longevity reinsurance and longevity risk transfer transactions here.

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