MetLife reinsures $5bn of pension longevity risk for Rothesay Life

MetLife reinsures $5bn of pension longevity risk for Rothesay Life

MetLife, Inc., among the largest life and annuities insurance coverage groups in the world, has announced that it finished 2 more UK based durability reinsurance transactions with pensions insurance coverage expert Rothesay Life, covering $5 billion of risk.MetLife has been broadening its longevity risk transfer and reinsurance activities in the United Kingdom over the last year.
The re/insurer entered into its first durability reinsurance deal in the UK with Pension Insurance Corporation plc, then followed up with a 2nd with Rothesay Life.
More just recently we covered the news that MetLife had actually finished four UK based durability reinsurance deals with Legal & & General Assurance Society Limited (Legal & & General) in 2020, covering $2 billion of threat.
Now, the company has actually exposed 2 more durability reinsurance deals for Rothesay Life.
The second and 3rd durability reinsurance transactions in between MetLife and Rothesay Life Plc, saw its subsidiary Metropolitan Tower Life Insurance Company reinsuring roughly $5 billion of pension liabilities connected with two UK bulk annuity deals that were completed in the fourth quarter of 2020.
” We are happy to expand our relationship with Rothesay and develop on our previous success to carry out the current two transactions extremely rapidly and efficiently,” described Jay Wang, senior vice president and head of Risk Solutions for MetLifes Retirement & & Income Solutions company. “With these deals, we will continue to perform on our method, utilizing our actuarial know-how and history managing durability risk to expand our footprint within the U.K. longevity reinsurance market.”
” Despite the pandemic, the U.K. pension and durability threat transfer market stays robust and incredibly durable, offering opportunities for MetLife to continue to support direct insurance companies and pension schemes in the U.K. on hedging durability danger,” Wang included. “We anticipate further reinforcing our relationship with Rothesay and supporting the company in its de-risking activity.”
“We are pleased to continue to grow our relationship with MetLife through these durability reinsurance contracts. As a service purpose-built to secure pensions, strong reinsurance collaborations assist us to provide the long-term security we offer insurance policy holders,” David Cox, Co-Head of Pricing and Reinsurance at Rothesay likewise commented.
Check out lots of historic longevity swap and reinsurance deals in our Longevity Risk Transfer Deal Directory.

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