|Bill McCloskey, vice president, Longevity Risk Transfer at Prudential Retirement
Prudential Retirement Insurance and Annuity Company and Legal & General just completed their fourth longevity reinsurance transaction together.
Under the terms of the agreement, Prudential Retirement Insurance and Annuity Company will provide reinsurance of longevity risk associated with a portion of Legal & General’s bulk annuity business, supporting benefit security for U.K. retirees.
The transaction comes less than two months after the U.K.’s vote to exit the European Union, showing that the ability to transfer longevity risk is unaffected by this momentous event.
"This latest transaction is particularly significant because Prudential was able to price and execute the transaction in a remarkably short period of time as a result of the existing relationship with Legal & General," explains Bill McCloskey, vice president, Longevity Risk Transfer at Prudential Retirement. "The transaction also reflects the burgeoning trend of pension funds and insurers transferring risk and demonstrates our ability to leverage our insurance, pension and actuarial expertise, as well as our investment capabilities and financial strength to meet the market demand for reinsurance."
"Our close consultative partnership with Prudential and the strength and commitment of the Prudential team enabled us to reinsure a segment of our annuity risk quickly," says Kunal Sood, head of new business reinsurance at Legal & General.
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