Under the terms of agreement, Metropolitan Tower Life Insurance Company will provide reinsurance to PIC for longevity risk associated with approximately £280 million of pension liabilities
Under the terms of agreement, Metropolitan Tower Life Insurance Company will provide reinsurance to PIC for longevity risk associated with approximately £280 million of pension liabilities.
“In 2019, there were more than £40 billion of U.K. pension risk transfer transactions completed — this robust market presents an opportunity for reinsurers to support direct insurers by managing their longevity risk,” said Cox. “We are pleased to be working with PIC and look forward to building on this relationship.”
“It’s great to see another well-rated, global corporation complete a debut transaction within the U.K. bulk annuity market,” said Khurram Khan, Head of Longevity Risk at PIC. “This is a positive development for both PIC and for market capacity as a whole.”
Source: Company Press Release