Life reinsurance

British Airways' pension scheme APS has finalised a £1.6bn (EUR1.8bn) longevity swap with PartnerRe and Canada Life Re via a captive in Guernsey, its trustee board said in a letter to members

Bermuda life insurer Athene Holding entered the pension risk transfer market for the first time in the second quarter as its Iowa life insurance subsidiary assumed $320mn of liabilities.

Pension insurance company Rothesay Life said a trio of investors have agreed to buy Goldman Sach's remaining stake in the company for an undisclosed sum.

UK energy provider SSE has finalised a £1.2bn ($1.56bn) combined longevity swap and buy-in for two of its defined benefit pension schemes, adviser Hymans Robertson said.

Swiss Re has signed up to reinsure Spanish life insurer Bansabadell Vida's individual life risk portfolio for a commission of EUR683.7mn ($797mn).

Alternative reinsurance growth; ILS rankings; Cyber loss potential; Egon loss estimates rise; Hannover Re fronting expansion; PIC reinsures £1bn longevity risk...

Pension Insurance Corporation (PIC) has concluded a £1bn longevity reinsurance agreement with Scor, the companies announced.

ILS managers can differentiate themselves by offering cover for "non-cat catastrophe" risks, according to Aon Benfield's Jonathan Davies.

The International Bank for Reconstruction and Development (IBRD) has raised the target size of its first pandemic cat bond from $100mn to potentially as high as $400mn, according to Trading Risk sources.

The support provided by London ILS manager Leadenhall Capital Partners to life insurance start-up Gryphon Group Holdings is connected to an embedded value (EV) transaction, Trading Risk understands.

A significant drop in social and healthcare spending in the UK is now thought to be the cause of a slowdown in mortality improvement, which has led the longevity swap market to stall.

Leadenhall Capital Partners is a key investor in start-up Gryphon Group Holdings, which plans to take a technology-focused approach to delivering life insurance products.