Canada Life completes €6bn longevity deal with Aegon

Canada Life’s reinsurance division has struck a deal with Dutch insurer Aegon to cover the longevity risk on a €6 billion portfolio of Dutch annuities.

The transaction was written by the Barbados branch of The Canada Life Assurance Company.

Tom O’Sullivan, the general manager of the Barbados branch, said: ‘I am delighted to announce this major transaction. I am particularly pleased with the way we were able to work closely with our partners at Aegon to develop an innovative solution for longevity risks and to create a flexible solution that further improves their risk profile.’’

John Occleshaw, global head of Canada Life’s reinsurance division, added: ‘We have once again demonstrated our ability to write large, complex and innovative transactions. It is another significant step in the development of our rapidly expanding reinsurance business with the European market.’