longevity risk


HSBC UK pension gets £7bn longevity swap from Prudential

The UK pension scheme of HSBC Bank has entered into a longevity swap transaction covering £7 billion of its liabilities with The Prudential Insurance Company of America (PICA), part of Prudential Financial, Inc. The longevity swap will help HSBC to manage the longevity risk of roughly £7 billion of pensioner liabilities, read the full article →

Prudential in longevity reinsurance deal for pension insurer Phoenix

Prudential said it has added a new longevity reinsurance arrangement, adding Europe and UK focused pension insurance, buy-in and buy-out specialist The Phoenix Group as a counterparty. Prudential Insurance Company of America (PICA) and Phoenix have entered into an inaugural longevity reinsurance agreement covering UK retirees. With Phoenix the largest pension consolidator read the full article →

PIC sees growing longevity reinsurance market capacity

Pension Insurance Corporation plc, a specialist defined benefit pension fund insurer, said it has increased its use of longevity reinsurance and notes that market capacity is on the rise for deferred pension risks, while standardisation of the transactions is increasing. PIC has been particularly active in insuring pension fund members in read the full article →

Rolls Royce longevity swap restructured as part of record £4.6bn bulk-annuity

The largest bulk-annuity deal in the UK has been completed by Legal & General and the transaction saw aerospace and engineering firm Rolls-Royce's pensioner bespoke longevity swap restructured as part of the arrangement. The UK £4.6 billion deal secures the pension benefits of around 33,000 members of the Rolls-Royce UK Pension read the full article →

Pension Insurance Corp’s longevity reinsurance use expands, seals M&S buy-in

London-based Pension Insurance Corp. (PIC) has again increased the volume of longevity reinsurance it is using, as the firm announced participating in another buy-in, this time for the Marks & Spencer pension fund. Pension Insurance Corp. (PIC) has completed a pension insurance buy-in with the Trustee of the Marks & Spencer read the full article →

PartnerRe expands on Manulife longevity reinsurance deal

PartnerRe has expanded on its recent longevity reinsurance transaction with Canadian insurer Manulife, growing the protection provided to cover around 30,000 annuitants. Bermuda headquartered global reinsurance firm PartnerRe completed in January and announced in March that it had entered into a longevity reinsurance deal with Canadian insurer Manulife covering the longevity read the full article →

Room for capital markets solutions in longevity risk market: Kessler, Prudential

As the longevity risk transfer market continues down its impressive growth path, Amy Kessler, Head of the Longevity Risk Transfer at Prudential Financial, Inc. of the U.S., believes there is room for capital markets solutions to play a role. Following a record-breaking 2018, the longevity risk transfer market is poised for read the full article →

Prudential closes $2.6bn pre-Brexit pension longevity reinsurance deals

Prudential Retirement, part of Prudential Financial, Inc., says that the UK pension risk transfer market hass experienced a rush to finalise de-risking deals in advance of Brexit, evidenced by its closing of a further $2.6 billion of longevity reinsurance transactions at the start of 2019. These previously undisclosed longevity reinsurance contracts read the full article →

PartnerRe in longevity reinsurance deal covering 25,000 Manulife annuitants

Bermuda headquartered global reinsurance firm PartnerRe announced today that it has provided reinsurance to cover longevity risks associated with 25,000 annuitants for Canadian insurer Manulife. The reinsurer said that it has entered into a transaction with The Manufacturers Life Insurance Company (Manulife) to provide reinsurance to cover the longevity risk associated read the full article →

Canada Life Re signs €5.5bn longevity reinsurance deal with VIVAT

Canada Life Reinsurance has entered into a €5.5 billion long-term longevity risk reinsurance arrangement with Dutch firm SRLEV N.V. (VIVAT), covering 70% of €8 billion of in-force liabilities. Under this longevity reinsurance agreement, over 150,000 of in-payment and deferred pensioners liabilities are reinsured by Canada Life Re. Global Head of Canada Life read the full article →