Prudential Insurance Company of America (PICA) has completed its third longevity reinsurance deal with the Pension Insurance Corporation (PIC) for the Aon Retirement Plan.
The deal which is PIC's first sizeable transaction under the new Solvency II regime reinsures longevity risk associated with the £3bn-£4bn scheme. It covers $1.1bn (£760m) liabilities for around 2,900...
The ICL Group Pension Plan has entered into a £3.7bn intermediated longevity swap via a Guernsey-based captive, with Swiss Re reinsuring the risk.
The Nortel Networks UK Pension Plan has agreed a further £105m buyout with Legal & General (L&G), topping up the benefits agreed in a prior deal.
There have now been more than 30 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
The Association of British Insurers (ABI) Pension & Assurance Scheme has insured benefits for 191 members in a £26m buy-in with Aviva.
The defined benefit (DB) scheme of Shepherd Foods (London) has completed a £3m buyout with Aviva, insuring the benefits of 13 pensioner and deferred members.