Banking group scheme pens back-to-back reinsurance deal with Pacific Life Re
Swaps can work for schemes of any size, say Suthan Rajagopalan and Greg Wenzerul
The Prudential Insurance Company of America (PICA) has concluded a £6bn longevity reinsurance deal, with Zurich Assurance acting as an intermediary on a pass-through basis.
The BBC Pension Scheme has completed a £3bn longevity swap deal with Zurich and Canada Life Reinsurance, covering the risk of pensioner and dependent members.
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.
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension scheme.
The National Grid Electricity Group has completed an intermediated longevity swap with Zurich for the Electricity Supply Pension Scheme (ESPS).
Greg Wenzerul has been appointed Zurich's first head of longevity risk transfer, as it seeks to grow its business in the market.