Life reinsurance

Prudential Retirement has completed a sixth longevity reinsurance transaction with Legal & General that will see it take on £600.0mn ($803.6mn) of UK annuity business

Legal & General has insured the benefits of pensioners in the Merchant Navy Officers Pension Fund (MNOPF) in a £490mn buy-in deal

Australia, the Netherlands and Canada have been tipped as countries where longevity swaps are likely to take off in future due to improved data and regulatory conditions, market participants have said

Solvency II continued to drive life deals in 2017 after the EU capital regime came into force last year, while the market dislocation seen in 2016 following an increase in mortality rates finally abated, sources said.

Swiss Re has agreed to purchase 1.1 million life insurance policies from Legal & General for £650mn.

NN Life, part of the Nationale-Nederlanden (NN Group), has offloaded EUR3bn of longevity risk to Hannover Re in an index-based longevity transaction, according to sources.

Schroders has launched a specialist life ILS fund with $750mn of committed capital, the company announced today.

Prudential Retirement, a unit of Pension Insurance Corporation (PIC) and Prudential Financial, has offloaded £900mn ($1.2bn) of longevity risk to Prudential Insurance Company of America.

The Hartford has agreed to acquire Aetna's US group life and disability business in a $1.45bn deal that it said would make it the second largest group life and disability insurer in the US market with approximately $5bn in expected earned premium.

Japanese insurer MS&AD Insurance Group Holdings has agreed to invest up to £800mn in Swiss Re's UK closed life book consolidator ReAssure

The price of longevity swaps has dropped this year, partly due to reinsurers adjusting their rates to reflect the slowdown in life expectancy improvement, sources told Trading Risk

Robus Group has hired Marsh senior account executive David Riley to set up its first fully independent longevity swap incorporated cell company (ICC).