longevity hedge

Global reinsurer SCOR and insurer Zurich have both participated in the completion of a £1.7 billion longevity swap and reinsurance arrangement for a UK pension fund.

Bermuda-based reinsurance firm PartnerRe and Zurich, the global insurance carrier, have backed a £1 billion longevity swap transaction for a UK pension scheme sponsored by a Fortune 500 firm.

The UBS (UK) Pension and Life Assurance Scheme has added another £500 million to an in-force longevity swap arrangement, expanding it to provide £1.9 billion of protection.

Longitude Exchange, the Bermuda-based digital marketplace for trading in index-based longevity risk, and Dedomainia, a technology company offering longevity swap solutions, are to collaborate on index-based longevity hedging.

Longevity analytics firm, Club Vita has partnered with Bermuda-based insurtech Longitude Exchange, the world-first digital marketplace for trading in index-based longevity risk, to improve both the transparency and efficiency of the longevity risk transfer market.

A world-first digital marketplace for trading in index-based longevity risk is set to open in Bermuda, insurtech Longitude Exchange announced today.

The pension fund risk settlement market has  been up and down throughout 2020, as the pandemic related uncertainty has caused activity to fluctuate in the longevity swap, reinsurance and bulk annuity market. But Aon believes total volumes could still hit UK £50 billion this year.

The UK market for longevity risk transfer and reinsurance has remained resilient during the Covid-19 pandemic, according to Prudential Retirement, a business unit of Prudential Financial, Inc., which has closed $1.7 billion of longevity reinsurance deals in the first-half of this year.

The UBS (UK) Pension and Life Assurance Scheme has entered into a £1.4 billion longevity swap arrangement, with global player Zurich acting as the insurer for the transaction and Canada Life Re providing reinsurance capital.

Global reinsurance giant Munich Re has completed a £1 billion longevity swap arrangement for the Willis Pension Scheme, in a longevity hedging deal that covers some 3,500 pension scheme members.