Swiss Re has completed a
£1.4bn ($2.2bn) longevity insurance contract for AkzoNobel’s UK
pension fund, which will cover close to 17 000 individuals and
their future contingent beneficiaries.
The agreement covers
individuals who were members of the Akzo Nobel (CPS) Pension Scheme
at 1 August 2011.
Go deeper with GlobalData
Costas Yiasoumi, Head
Longevity Solutions, Swiss Re Corporate Solutions, said:
“Whereas the UK pension longevity market tends to be dominated by
intermediaries who write and then sell on the exposure, this deal
stands out in that all of the longevity exposure is held on our own
balance sheet.”
Swiss Re said the latest
transaction confirms that pension funds and insurers are becoming
more comfortable with longevity solutions.
Yiasoumi said:
“Longevity contracts are very long-dated and pension fund trustees
need counterparties that are in this market for the long
haul.”
Longevity insurance is
designed to pay the policyholder a benefit if he or she survives to
a pre-established future age.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
