Longevity reinsurance news

Broking group WTW has launched a new streamlined longevity swap solution called Longevity Stream, that’s set to broaden access to the expanding market for UK defined benefit schemes with £100m to £1bn of liabilities.

Life and health reinsurer Pacific Life Re has completed a EUR 1.3 billion longevity swap reinsurance agreement with Aegon Levensverzekering N.V., part of the a.s.r. group, in the Netherlands.

Lloyds Banking Group Pensions Trustees Limited has completed three new longevity swap transactions with Rothesay Life Plc, covering £4.8 billion of liabilities, with reinsurance capacity to support the deals concurrently provided by major global reinsurers and an insurance subsidiary of US-based Prudential Financial, Inc.

The BBC Pension Scheme has continued to offload the risk of its members living longer than anticipated, transferring a further UK £6 billion of risk through a new longevity swap arrangement with the help of global insurance firm Zurich and reinsurance capacity from MetLife.

NN Life & Pensions, part of the Nationale-Nederlanden (NN Group), has entered into a new longevity swap and reinsurance arrangement with Prudential Financial Inc., that will see the group transferring a further €4 billion of longevity risk.

Lloyds Banking Group Pensions Trustees Limited has completed two new longevity swap transactions with Rothesay Life Plc, covering £5.1 billion of protection, with reinsurance capacity provided by Pacific Life Re International Limited, and an insurance subsidiary of US-based Prudential Financial, Inc.

The BT Pension Scheme (BTPS), one of the UK’s largest private sector pensions, has completed two longevity swap transactions, a £5 billion agreement with global reinsurer Swiss Re, and a £5 billion transaction with Reinsurance Group of America (RGA).

Life and health reinsurer Pacific Life Re has completed a EUR 2 billion longevity swap reinsurance agreement with Nationale-Nederlanden (NN Life) in the Netherlands, covering a block of in-force individual annuity life policies.

MetLife has effectively provided reinsurance capacity, while Zurich has acted as intermediary insurer, for a UK £340 million pension longevity swap for the Airways Pension Scheme.

The £1 billion UK Merchant Navy Ratings Pension Fund has secured a longevity swap arrangement to cover liabilities amounting to £450 million, with the assistance of broker WTW and reinsurance capacity from MetLife.