PIC reinsures £1.4bn of longevity risk after record year

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Pension Insurance Corporation (PIC) has reinsured the longevity risk relating to £1.4bn of the liabilities in its bulk annuity portfolio with a range of reinsurance houses.

The majority of the exposure - £1.1bn - has been covered by Reinsurance Group of America (RGA). PIC said the deal was part of its risk management framework which has now seen it hedge more than ...

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