longevity risk transfer

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Aon warns longevity risk has not gone away with COVID-19 deaths

Insurance and reinsurance broker and risk advisory Aon has warned today that re/insurers and pension funds need to avoid over-reacting to how inclusion of COVID-19 deaths changes recognised mortality models, saying that "longevity risk has not gone away." Once excess deaths are added into the mortality models for the United Kingdom read the full article →

Prudential cites resilience of UK longevity market despite COVID, as it closes $1.7bn of deals

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. Prudential has highlighted the growing number of smaller pension read the full article →

UBS pension gets £1.4bn longevity swap from Zurich & Canada Life Re

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. The longevity swap arrangement covers roughly £1.4 billion of the UBS pension schemes defined benefit (DB) read the full article →

Munich Re provides £1bn longevity swap for Willis Pension Scheme

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. The transaction was undertaken using the Longevity Direct solution offered by Willis Towers Watson, which enables pensions to more directly access read the full article →

Aon warns pensions not to over-react to Covid-19 mortality spike

Insurance and reinsurance broker and consultancy Aon has warned UK pension schemes not to over-react to the recent short-term spike in mortality rates in the country, as the impact to longevity risk assumptions may not be as significant as it seems. Aon’s Risk Settlement Group, which deals with pension risk transfer, read the full article →

Canada Life Re took EUR 5.3bn of NN Life longevity swap & reinsurance

Canada Life Reinsurance took EUR 5.3 billion of the long-term longevity risk associated with EUR 13.5 billion of in-force liabilities of NN Life's portfolio, in the recently completed longevity swap and reinsurance arrangement. As we explained earlier this week, NN Life, part of the Nationale-Nederlanden (NN Group), has secured longevity swap read the full article →

NN Life transfers EUR 13.5bn of pension longevity risk to reinsurers

NN Life, part of the Nationale-Nederlanden (NN Group), has secured reinsurance and swap arrangements with leading reinsurers Canada Life, Munich Re and Swiss Re to transfer all of the longevity risk associated with some EUR 13.5 billion of pension liabilities from the Netherlands. NN Group said that the longevity reinsurance arrangements read the full article →

Coronavirus deaths may trigger longevity swap margin calls for pensions

The sudden rise in deaths in the United Kingdom due to the Covid-19 coronavirus pandemic could result in some pensions having to post more collateral against their longevity swaps, as report suggest. With some UK £90 billion of longevity swap transactions having been entered into by UK pension schemes, the increased read the full article →

Prudential executes $6bn in longevity reinsurance for Rothesay Life

Prudential said that it has executed another $6 billion of longevity reinsurance transactions with UK pension risk transfer specialist life insurer Rothesay Life, in two transactions that are the seventh and eighth between the pair. The Prudential Insurance Company of America (PICA), a unit of Prudential Financial, Inc., said it has read the full article →

Pacific Life Re reinsures giant £10bn UK longevity swap for Lloyd’s Bank pensions

Global life, longevity and morbidity reinsurance firm Pacific Life Re has completed the second largest UK longevity swap transaction on record, taking on UK £10 billion of longevity risk from Lloyd's Banking Group pension funds. The longevity swap arrangement has been entered into with Lloyds Banking Group Pensions Trustees Limited, on read the full article →