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Swiss Re backs £3.7bn longevity swap deal for Fujitsu pension scheme

Global reinsurance giant Swiss Re has provided capacity to support a UK £3.7 billion longevity swap deal that uses a cell structure to intermediate the risk transfer for the ICL Group Pension Plan, one of the pension schemes of Fujitsu in the UK. The longevity risk swap and reinsurance arrangement effectively read the full article →

Prudential Financial & Zurich help UK pension to £6bn longevity swap

Prudential Financial Inc. and insurer Zurich have worked together to provide an unknown UK pension scheme with a £6 billion longevity swap and reinsurance arrangement. The International Reinsurance business of The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc., provided the reinsurance capacity to support the transfer read the full article →

Non-pensioner longevity swap a win-win for AXA & Hannover Re: Jefferies

The recent £3 billion longevity swap between the AXA UK Group Pension Scheme and reinsurance firm Hannover Re represented a new first for the longevity risk transfer market, a largely non-pensioner deal, which analysts at Jefferies highlight as a win-win transaction for both parties. The deal, completed in the read the full article →

Canada Life Re provides Athora with €4.7bn longevity reinsurance cover

Canada Life Reinsurance has taken EUR 4.7 billion of long-term longevity risk off the hands of life and annuities focused insurer Athora's European arm in a recent longevity reinsurance arrangement. Canada Life Re entered into the long-term longevity reinsurance agreement with Athora Netherlands, the Dutch arm of the insurer. The longevity reinsurance read the full article →

Hannover Re and AXA UK in £3bn longevity swap, a non-pensioner first

The AXA UK Group Pension Scheme has entered into a £3 billion longevity swap with reinsurance firm Hannover Re, in a new first for the longevity risk transfer market, a largely non-pensioner deal. Typically, longevity swaps have been focused on pensions in payment, so transferring the risk of longevity read the full article →

Hymans Robertson appoints Mistry for Non-Traditional pension risk transfer

Hymans Robertson LLP, the pensions and financial services consultants, is anticipating more non-traditional risk transfer for pensions, including through the use of capital backed solutions and alternative insurance products. As a result, the company has promoted Kieran Mistry to the newly created position of Head of Non-Traditional Risk Transfer. In this role, read the full article →

Longevity swaps totalling £250bn forecast for next decade: Hymans

Hymans Robertson LLP, the pensions and financial services consultants, expects that longevity risk transfer activity will remain high in the United Kingdom across the coming decade, with as much as UK £250 billion of longevity swaps likely to be transacted by 2031. That's on top of a forecast £450 billion of read the full article →

Longevity swap pricing to remain attractive in 2021: WTW

Longevity swap pricing is expected to remain attractive through the coming year, as reinsurance capital to support large pension risk transfer deals remains abundant and slower mortality improvements feed into reinsurance pricing, according to Willis Towers Watson (WTW). After a busy year in 2020, when the market for longevity swaps and read the full article →

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 →

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 →