Life reinsurance
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020. -
The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
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The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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The deal will be one of only two standalone mortality bonds on risk when it completes
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Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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The La Vie Re deal is the first standalone extreme mortality bond since the start of the Covid-19 pandemic and includes coverage for the disease.
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The ILS manager is discussing public solutions and expects demand to emerge.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
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Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
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Canada Life, Munich Re and Swiss Re have covered the pension liabilities of 200,000 pensioners in the Netherlands.
