longevity risk transfer

Aon Hewitt have announced that they acted as the lead advisor on the recently closed Pilkington longevity swap transaction, which we wrote about earlier today here. The deal saw UK insurer Legal & General enter into a £1 billion longevity swap with the Pilkington Superannuation Scheme, L&G then offloaded the risk through a longevity reinsurance […]

Reinsurer Hannover Re have announced the completion of a longevity swap transaction which see’s them assume around £1 billion of longevity risks associated with a portfolio of pension obligations held by UK insurer Legal & General. The portfolio involves the pension obligations of around 11,500 employees of UK industrial firm Pilkington who are all actively […]

2011 has been our busiest ever year here at Artemis.bm and we wanted to share some of the key trends from 2011, some of the top-line figures we are proud of and data which demonstrates the growth that we’ve experienced. Overall, 2011 has been our busiest year ever, with visits to the Artemis.bm website and […]

Airline British Airways has managed to offload £1.3 billion of longevity risk through what they called a ‘longevity swap, under an insurance contract’, with Rothesay Life. In June 2010 the same two parties completed a similar transaction for £1.3 billion, which at the time was said to cover 20% of the British Airways schemes pensions […]

Prudential Financial have announced that they have participated as a reinsurer in the recent longevity transaction between Rolls-Royce and Deutsche Bank. The transaction saw Rolls-Royce offload some £3 billion of its pension liabilities in a longevity swap deal with Deutsche Bank. The longevity risk has in turn been passed on to a group of reinsurers, […]

Aerospace and engineering firm Rolls-Royce has announced the completion of a longevity swap transaction completed to give additional security to the members of its final salary pension scheme. In a longevity swap contract with Deutsche Bank, Rolls-Royce have offloaded some £3 billion worth of pension liabilities, covering some 37,000 pensioners.

2011 could be a record year for pension scheme risk transfer deals as the desire to de-risk or offload risks including longevity grows among pension fund managers. So far 2011 has seen significant volumes in the pension buy-in and buy-out arena and also longevity swaps. By the end of 2011 pension consultants Hymans Robertson expect […]

Prudential Retirement has announced the completion of their largest longevity reinsurance transaction to date, helping them to sustain expansion of their pension risk transfer business. The $723m (UK£450m) deal saw Prudential provide reinsurance of longevity risk to Rothesay Life and sister company Paternoster (both Goldman Sachs subsidiaries).

Legal & General, one of the largest insurance and financial services groups in the UK, has entered into the largest buy-out of a pension schemes liabilities through a £1.1 billion ($1.8 billion) bulk annuity contract with the T&N Retirement Benefits Scheme trustees. The transaction is actually a buy-in which transitions to a buy-out in due […]

A new Swiss Re Economic Research & Consulting report reveals that Canadian pension funds have a significant amount of longevity risk to which they are exposed. Many public and private pension funds are under-reserved for longevity risks and annuity books also have exposure to the risk of scheme members living longer.