longevity hedging


L&G helps BA convert longevity swap into part of a £4.4bn buy-in

Legal & General Group Plc has assisted one of the pension schemes of airline British Airways to convert a longevity swap it already had into part of a $4.4 billion pension buy-in, the largest bulk annuity transaction to-date and among the only examples of a longevity swap conversion. L&G completed the read the full article →

Longevity swap to bulk annuity a viable pension de-risking approach: Aon

Moving from longevity hedging, through longevity swaps and other insurance or reinsurance instruments, to a full bulk-annuity buy-in, is now a viable approach to pension fund de-risking, according to Aon Hewitt. On the back of the first unwinding of a longevity swap, which saw UK closed life and pension fund consolidator Phoenix read the full article →

Legal & General hires Pretty Sagoo to pension risk transfer team

UK headquartered life and annuities insurance and reinsurance company Legal & General has hired Pretty Sagoo from Deutsche Bank to the role of Head of the Strategic Business in its pension risk transfer team. Sagoo has significant experience in the longevity risk transfer and longevity swaps space, gained from her time read the full article →

Mortality rate observations place longevity market in a state of flux: Aon Hewitt

In response to the new Continuous Mortality Investigation (CMI) model, recent reductions seen in national mortality improvements can no longer be regarded as a “blip” and have put the pension longevity swap and reinsurance market into a state of flux, according to Aon Hewitt. The new CMI mortality projections model, CMI_2016, read the full article →

Aon Hewitt helps Phoenix unwind its longevity swap

UK closed life and pension fund consolidator Phoenix Group has unwound its 2014 £900 million longevity swap transaction with the help of Aon Hewitt, shifting to an annuity arrangement which it received beneficial pricing on thanks to having the swap arranged in advance. Aon Hewitt said this is the first unwinding of read the full article →

Prudential & Rothesay Life strike $1.2bn longevity reinsurance deal

Prudential Financial and Rothesay Life have announced their sixth major longevity reinsurance transaction since 2011, with a $1.2 billion deal covering liabilities associated with 22,500 pensioners, across eight pension plans. The longevity reinsurance deal sees Prudential assuming the longevity risk for $1.2 billion (about £960 million) of UK pensioner liabilities from read the full article →

Longevity swaps continue to evolve: Aon Hewitt

For pension schemes around the world looking to offload their longevity risks, the good news is that the longevity swap structure continues to evolve and options for longevity hedging continue to open up to a wider range of pensions. With reinsurance capital remaining abundant the options for transferring longevity risks away read the full article →

Sadis & Goldberg hires pension risk & longevity reinsurance lawyer

New York based law firm Sadis & Goldberg LLP has announced the hiring of Gregory Hartmann to its Corporate and Financial Services Groups. Hartmann was most recently with Prudential supporting pension and longevity risk transfer. Hartmann joins Sadis & Goldberg with experience working with asset managers, investment banks, re/insurance read the full article →

Canadian pensions to increasingly seek longevity swaps in 2017

Pension plans in Canada are expected to increasingly look to insurance and reinsurance capital to offload the risks of their pensioners living longer than expected through longevity swaps in 2017, according to a report. With interest rates expected to rise and as a result pension plan funding conditions expected to ease read the full article →

£300m longevity swap completed by Zurich with SCOR backing

Global insurance player Zurich has completed another longevity swap transaction, helping a smaller UK pension plan to cover £300 million of its longevity related pension liabilities, with SCOR providing the reinsurance capacity to back the deal. Zurich had already completed £740 million of longevity swaps since December 2015 using its 'streamlined' read the full article →