SCOR Global Life has signed a longevity deal with the UK-based insurer Aviva to transfer the risk of members of Aviva’s staff pension plan to the reinsurance market.
The deal will include pensions in payment of some 19,000 pensioners, who will transfer their risk from Aviva’s pension scheme to the reinsurance market.
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Under the transaction, the reinsurers transferred £5bn liabilities within the pension scheme to Aviva Life & Pensions UK, before it was moved into the reinsurance market.
SCOR said that it expects to double its longevity business over the next three-year plan.
SCOR chairman and CEO, Denis Kessler, said: "This transaction is notable not only for its size but also as a demonstration of the partnership approach we adopt with our clients.
"With such a complex transaction, it is vital to find a solution that works for the employer, the trustees and the reinsurer."
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