Prudential Insurance Company of America (Prudential) completed a longevity reinsurance transaction with Pension Insurance Corporation, a specialty insurer of defined benefit pensions.
The transaction is the second Prudential has engaged in with Pension Insurance Corporation and covers longevity risk associated with pension liabilities of £1.6 billion (approximately $2.3 billion) for pensioners across a block of 74 pension schemes.
"Longevity reinsurance continues to be an important part of U.K. insurers’ risk management strategies," says Bill McCloskey, vice president, longevity reinsurance at Prudential. "We’re pleased to have the opportunity to work again with Pension Insurance Corporation so soon after our initial collaboration in April of this year. We look forward to continuing to expand our strategic partnerships with insurers, like Pension Insurance Corporation, as we create retirement security for U.K. pensioners."
Want to learn more? Read the news release. Want to talk to Bill? Contact Josh Stoffregen.
Reinsurance products are issued by either Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or The Prudential Insurance Company of America (PICA), Newark, NJ. Both are wholly owned subsidiaries of Prudential Financial Inc. (PFI) and have no affiliation with Prudential plc of the United Kingdom. Each company is solely responsible for its financial condition and contractual obligations. Neither PRIAC nor PICA are authorized or regulated by the U.K. Prudential Regulation Authority or regulated by the Financial Conduct Authority, nor do they offer insurance or reinsurance in the United Kingdom. PRIAC and PICA do provide off-shore reinsurance to companies that have acquired U.K. Pension risks through transactions with U.K. plan sponsors. PRIAC and PICA are not authorized or regulated by the Office of Superintendent of Financial Institutions for Canada or by the Financial Services Commission of Ontario.