Canada Life strikes £1.7bn longevity risk reinsurance agreement
Canada Life Reinsurance said on Sept. 14 that it has entered into a long-term reinsurance agreement with Marsh & McLennan Companies (MMC) UK Pension Fund.
The deal will cover the longevity risk on £1.7 billion of liabilities for approximately 7,500 pensioner members of MMC.
The transaction was written by the Barbados Branch of Canada Life via a reinsurance agreement with Guernsey based captive insurer cells managed by Marsh Guernsey.
Jeff Poulin, global head of Canada Life Reinsurance, said: "This transaction highlights our expertise in underwriting large, complex and innovative risk transfer initiatives together with the value of our financial strength."
Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the US and Europe.
Canada Life is part of a group of companies owned by Great-West Lifeco, a diversified financial services holding company headquartered in Winnipeg, Canada.
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