Prudential Retirement, a business of Prudential Financial, has completed its first longevity reinsurance transaction with UK-based Rothesay Life, a wholly-owned subsidiary of The Goldman Sachs Group.
Under the terms of the transaction, Prudential Retirement will provide reinsurance of longevity risk to Rothesay Life, initially covering pension account values of GBP100m.
Rothesay Life provides annuity and other longevity products to corporate defined benefit pension plans, tailored to meet the specific needs of corporate sponsors, trustees and pension plan members.
Amy Kessler senior vice president and head of Prudential’s longevity reinsurance effort said Prudential’s role as a reinsurer of longevity risk helps increase the security of the promise pension plans offer to participants around the world.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services.