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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 →

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 →

Longevity swap market forecast for record £25bn+ year in 2020

The longevity swap market is forecast to experience record levels of activity in 2020, with availability of reinsurance capacity likely to be a key consideration for pensions looking to offload the risk of their members living longer. Willis Towers Watson (WTW), the insurance or reinsurance brokerage and consultancy, says that it read the full article →

Longevity swap market records could be broken in 2020: WTW

The longevity swap market could see a record volume of transactions in 2020 as market conditions look set to make hedging longevity risk particularly conducive, while insurance and reinsurance capital abundant and appetite for large longevity risk transfer deals high. So says insurance and reinsurance broker Willis Towers Watson (WTW), who read the full article →

Aegon gets €12bn longevity reinsurance cover from Canada Life Re

Dutch headquartered life, pensions and annuities focused insurer Aegon has secured a €12 billion longevity reinsurance transaction with Canada Life Re, helping it to transfer more of its longevity risk to the benefit of its solvency measures. Aegon had been pressured on a solvency basis, so securing this significant longevity risk read the full article →

Zurich & Hannover Re deliver £800m longevity swap for FTSE 100 pension

Insurer Zurich and reinsurance firm Hannover Re have delivered an £800 million longevity swap arrangement for an unnamed UK pension fund belonging to a FTSE 100 firm, protecting it against the risk of pensioners and members living longer than forecast. Zurich acted as the insurer, entering into the longevity swap agreement read the full article →

One-third of FTSE 100 has transferred pension longevity risk: Aon

An impressive one-third of the companies in the UK's FTSE 100 index of leading shares have already transferred longevity risk associated with their pension schemes, according to Aon. The insurance and reinsurance broker said that the 32 FTSE 100 companies that have entered into longevity risk transfer deals, either bulk annuities read the full article →

Attractive pricing to drive further longevity swap deals: Aon

Aon said it is expecting to see a number of large longevity swap transactions completed during the second-half of 2019, as longevity risk transfer and reinsurance pricing remains attractive. Activity has been slower in the longevity swap market for a time, although longevity reinsurance and pension risk transfer activity in general read the full article →