The UBS (UK) Pension and Life Assurance Scheme has hedged the longevity risk of around half its defined benefit (DB) liabilities through a £1.4bn longevity swap completed with Zurich and Canada Life Reinsurance.
The deal was structured as a passthrough insurance contract, with Zurich acting as the initial insurer before Canada Life reinsured 100% of the longevity risk. While the deal covered 2,700 pensi...
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