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.
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