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Longevity risk transfer nears record. 2021 to be busy again despite pandemic: WTW

The market for longevity swaps and longevity risk transfer has hit forecasted volumes in 2020 despite the implications of the global COVID1-9 pandemic and Willis Towers Watson believes another busy year is ahead in 2021. The longevity de-risking market, where pensions transfer their longevity risk to global reinsurance markets, has proven read the full article →

BBC pension gets £3bn longevity swap from Zurich & Canada Life Re

The BBC Pension Scheme has added new benefit security for members with the completion of a UK £3 billion plus longevity swap transaction, with the assistance of global insurance firm Zurich and global reinsurance firm Canada Life Re. The longevity swap arrangement will cover over £3 billion of pensioner liabilities for read the full article →

RGA in £5bn longevity swap for Barclays UK pension scheme

Reinsurance Group of America (RGA) has provided the Barclays Bank UK Retirement Fund, a pension scheme and fund managing assets on behalf of UK employees of the bank, with a UK £5 billion longevity swap transaction. The Barclays pension explained today that entering into the longevity swap arrangement with global life read the full article →

Pacific Life Re in £3.7bn longevity swap for Prudential pension scheme

Pacific Life Re, the global life, longevity and morbidity reinsurance firm, has completed a UK £3.7 billion longevity swap transaction for the Prudential Staff Pension Scheme, in an arrangement that was entered into using a Guernsey captive structure. Pacific Life Re has been growing its activity in the longevity swap, risk read the full article →

Don’t rule out more longevity swaps by year-end: Aon

The pension fund risk settlement market has  been up and down throughout 2020, as the pandemic related uncertainty has caused activity to fluctuate in the longevity swap, reinsurance and bulk annuity market. But Aon believes total volumes could still hit UK £50 billion this year. More activity may be seen before read the full article →

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 →

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 →