logo
Share SHARE
FONT-SIZE Plus   Neg

Swiss Re Closes £800 Mln Longevity Insurance Contract With LV='s UK Pension Fund

Swiss Reinsurance Co. or Swiss Re (SSREY.PK) has completed a 800 million pounds or $1.3 billion longevity insurance contract with the pension fund of UK insurer LV=. The transaction includes insurance of longevity exposures for 1,000 members who are still to retire.

The reinsurer's latest longevity insurance agreement covers more than 5,000 individuals who were members of the LV= Employee Pension Scheme as of December 31, 2011. The deal covers a broader population than previous pension market longevity transactions, extending beyond in payment pensioners to also cover members not yet retired down to age 55.

Swiss Re added that the contract extends its longevity reinsurance track record to more than $12 billion.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Social media app Snapchat has introduced a new location service, Snap Map, that will allow users of the app to see the location of all their friends on a map. The new feature will essentially allow a user to see where his friends are hanging out and what they are up to and also share his own location with friends in real time. The U.S. has suspended all imports of fresh beef from Brazil due to recurring concerns about the safety of the products. The suspension of shipments from Brazil, the fifth largest exporter of beef to the U.S., will remain in place until the Brazilian Ministry of Agriculture takes corrective action, the U.S. Department of Agriculture or USDA said in a statement. The annual Federal stress test was cleared by 34 top banks. The result shows strong capital levels and the ability of large banks to remain capitalized even in stressed situations. The Federal Reserve noted that these banks will be able to lend to households and businesses even at severe recession and throughout the economic cycle.
comments powered by Disqus
Follow RTT