Longevity reinsurance news

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.

NN Group has announced the successful transfer of €13 billion in longevity risk associated with pension liabilities in the Netherlands to an insurance subsidiary of Prudential Financial, Inc. and global reinsurance specialist Swiss Re.

The MMC UK Pension Fund has entered into a £2 billion longevity swap and reinsurance arrangement with Munich Re, its first swap to include active members, via a captive Guernsey insurance cell.

The BT Pension Scheme has entered into a UK £5 billion longevity swap arrangement with Reinsurance Group of America (RGA Re), using its captive insurer to intermediate the reinsurance capital.

Zurich and Prudential Financial, Inc. have combined to deliver a £1.7 billion pension longevity swap and reinsurance risk transfer arrangement for the UK’s Nationwide Pension Fund.

Longevity gains and so the life expectancy of populations are increasing around the world and this is expected to continue with a new wave of gains expected, but the United States has moved the other way, as life expectancy has fallen, according to research from Swiss Re.

Global insurer Zurich and life, longevity and annuity focused reinsurance firm Pacific Life Re have delivered a £1.6 billion longevity swap arrangement for the UK’s Yorkshire and Clydesdale Bank (YCB) Pension Scheme.

Brokerage and consultancy WTW is forecasting a busier year for the longevity swap market in 2023, with increasing reinsurance capacity and market participants available and attracted to longevity risk transfer a driver.

Reinsurance Group of America (RGA) has completed a new US $1.7 billion longevity risk transfer arrangement that featured a swap and reinsurance provision for Cincinnati-based diversified financial services and life insurance specialist Western & Southern Financial Group.

Prudential Financial, Inc. of the United States has provided reinsurance to back a £7 billion longevity swap and risk transfer arrangement for the Barclays Bank UK Retirement Fund, a pension scheme and fund managing assets on behalf of UK employees of the bank.