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Prudential takes on more longevity risk in reinsurance transaction with Rothesay

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Prudential Financial have announced their first longevity reinsurance transaction of 2012. The deal see’s Prudential Retirement reinsure Goldman Sachs subsidiary Rothesay Life, covering the longevity related pension liabilities almost 20,000 members of the Uniq plc Pension Scheme who are insured by Rothesay through a buy-in transaction. The longevity reinsurance covers pension liability values of $665m (£423m).

“We are happy to partner with Rothesay on another innovative Pension Risk Transfer transaction that helps to secure the retirement benefits of Uniq’s members,” said Amy Kessler, senior vice president and head of Prudential’s Longevity Reinsurance business.

“Rothesay Life is pleased to continue its partnership with Prudential,” said Addy Loudiadis, chief executive officer, Rothesay Life. “This latest transaction demonstrates how we can work together to complete an important transaction.”

The amount of longevity risk being taken on by the likes of Prudential is huge, and while they will in turn be trying to pass this on to other reinsurers there surely must come a point in time when they will try out the capital markets as a source of retrocessional reinsurance for these risks.

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