Canada Life Reinsurance has announced that it has recently entered into a long term reinsurance agreement to cover the longevity risk on £1.7 billion of liabilities (C$2.8 billion) for approximately 7,500 pensioner members of the Marsh & McLennan Companies (MMC) U.K. Pension Fund.
This transaction was written by the Barbados Branch of Canada Life via a reinsurance agreement with Guernsey-based captive insurer cells managed by Marsh Guernsey.
Innovative risk transfer initiatives
“This transaction highlights our expertise in underwriting large, complex and innovative risk transfer initiatives together with the value of our financial strength,” stated Jeff Poulin, Global Head of Canada Life Reinsurance, in a Sept. 14 announcement.
Canada Life Reinsurance offers a range of risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S. and Europe.