pension risk transfer


RGA in €4bn longevity reinsurance deal for NN Life

Reinsurance Group of America (RGA) has completed a longevity reinsurance transaction with NN Life covering €4 billion of underlying reserves for the largest life insurance company in the Netherlands. The transaction, which closed at the end of 2021, is the latest large longevity reinsurance or risk transfer arrangement that RGA has read the full article →

SCOR reinsures £5.5bn longevity swap for Lloyds Bank pension

France-headquartered global reinsurance company SCOR has provided the capacity to back a UK £5.5 billion longevity swap arrangement for one of Lloyds Banks pension schemes, the reinsurers' largest longevity reinsurance deal so far. The Lloyds Banking Group Pensions Trustees Limited has now protected some £15.5 billion of its pension related longevity read the full article →

MetLife reinsures $2.4bn of pension longevity risk for Phoenix Group

MetLife, Inc., one of the largest life and annuities insurance groups in the world, has provided reinsurance to cover $2.4 billion of pension fund related longevity risk for European pension and life consolidator Phoenix Group. The $2.4 billion of longevity risk was transferred through two reinsurance arrangements to Metlife, which used read the full article →

Metlife & Zurich help UK pension to $3.5bn longevity swap & reinsurance

Metlife and Zurich have collaborated with Aon's Risk Settlement Group to complete a US $3.5 billion transfer of longevity risk for a UK pension scheme, through an intermediated longevity swap and reinsurance arrangement. Metlife has reinsured the longevity risk, while Zurich stood in the middle of the deal and entered into read the full article →

WTW forecasts record longevity & pension risk transfer in 2022

The market for pension risk transfer, across longevity swaps and bulk annuity arrangements, is forecast to see a bumper UK £65 billion of deals in 2022, with strong growth on the longevity swap side anticipated, according to WTW (Willis Towers Watson), while more third-party capital involvement is also expected. In 2021, read the full article →

Aon expects 2021 longevity swap activity to hit £15 billion

Broking group Aon appears to be expecting another large longevity swap deal to complete before the end of the year, forecasting today that 2021 longevity swap volumes will reach £15 billion. So far in 2021, we've counted £12.7 billion of UK focused pension scheme longevity swap arrangements, all of which are read the full article →

Longevity swaps expected in 2022, but capacity may be more limited: Mercer

There have been £12 billion worth of longevity swaps in the UK pension risk transfer market in 2021, with total risk transfer including bulk annuity buy-in and out deals expected to reach £40 billion for the year. Mercer expects that 2022 will eclipse this figure, forecasting some £60 billion of UK read the full article →

Longevity swaps outpace bulk annuities in H1 2021: Aon

The market for longevity swaps has outpaced the use of bulk annuities, when it comes to pension risk transfer deals, through the first-half of 2021 and the second-half could also be busy as there is spare capacity in the market to be used, broker Aon notes. Large longevity swap and bulk read the full article →

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 →