Transaction transfers longevity risk for around 7,000 members to Zurich UK and PFI
Transactions means over three-quarters of the UKRF’s pensioner longevity risk is now hedged
Continuing demand for longevity risk insurance products perseveres throughout volatility
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 uncertainty surrounding the potential impact of so-called long Covid and behavioural changes heightens the need for schemes to increase their longevity hedging, says Prudential Financial.
Prudential Retirement reinsured $1.7bn (£1.4bn) of UK pension scheme longevity risk in the first half of the year, it has revealed.