MetLife Completes $5 Billion Longevity Reinsurance Transactions with Rothesay
February 25 2021 - 10:35AM
Business Wire
MetLife, Inc. announced today that its subsidiary, Metropolitan
Tower Life Insurance Company, has closed its second and third
longevity reinsurance transactions with Rothesay Life Plc,
reinsuring approximately $5 billion of pension liabilities
associated with two U.K. bulk annuity transactions completed in the
fourth quarter of 2020.
“We are pleased to expand our relationship with Rothesay and
build on our previous success to execute the latest two
transactions very quickly and efficiently,” said Jay Wang, senior
vice president and head of Risk Solutions for MetLife’s Retirement
& Income Solutions business. “With these transactions, we will
continue to execute on our strategy, using our actuarial expertise
and history managing longevity risk to expand our footprint within
the U.K. longevity reinsurance market.”
“Despite the pandemic, the U.K. pension and longevity risk
transfer market remains remarkably resilient and robust, offering
opportunities for MetLife to continue to support direct insurers
and pension schemes in the U.K. on hedging longevity risk,” Wang
said. “We look forward to further strengthening our relationship
with Rothesay and supporting the business in its de-risking
activity.”
“We are pleased to continue to grow our relationship with
MetLife through these longevity reinsurance agreements. As a
business purpose-built to protect pensions, strong reinsurance
partnerships help us to deliver the long-term security we provide
for policyholders,” said David Cox, Co-Head of Pricing and
Reinsurance at Rothesay.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and
affiliates (“MetLife”), is one of the world’s leading financial
services companies, providing insurance, annuities, employee
benefits and asset management to help its individual and
institutional customers navigate their changing world. Founded in
1868, MetLife has operations in more than 40 markets globally and
holds leading positions in the United States, Japan, Latin America,
Asia, Europe and the Middle East. For more information, visit
www.metlife.com.
Reinsurance contracts are issued by Metropolitan Tower Life
Insurance Company (“Met Tower”), Lincoln NE, a wholly owned
subsidiary of MetLife. Met Tower is solely responsible for its
financial condition and contractual obligations. Met Tower is not
licensed or regulated by the U.K. Prudential Regulation Authority
as an insurer or regulated by the Financial Conduct Authority, nor
does it conduct business in the United Kingdom or provide direct
insurance to any individual or entity therein.
About Rothesay
Rothesay is the UK's largest pensions insurance specialist,
purpose-built to protect pension schemes and their members’
pensions. With £62 billion of assets under management, we secure
the pensions of over 800,000 people and pay out, on average, more
than £230 million in pension payments each month.
Rothesay is dedicated to providing excellence in customer
service alongside prudent underwriting, a conservative investment
strategy and the careful management of risk. We are trusted by some
of the UK’s best known companies to provide pension solutions,
including the schemes of Allied Domecq, Asda, British Airways,
Cadbury’s, the Civil Aviation Authority, National Grid, the Post
Office, Prudential and telent.
Rothesay has two substantial institutional shareholders, GIC and
Massachusetts Mutual Life Insurance Company (“MassMutual”), who
provide the company with long-term support for its growth and
development. In September 2020, our shareholders increased their
investment in Rothesay through a transaction which valued the
business at £5.75bn.
Rothesay refers to Rothesay Limited and its subsidiaries and is
the trading name for Rothesay Life Plc, an insurance company
authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and the Prudential Regulation
Authority. Firm Reference Number: 466067. Rothesay Life Plc is
registered in England and Wales with company registration number:
06127279 and registered address: Rothesay Life Plc, The Post
Building, 100 Museum Street, London WC1A 1PB. Further information
is available at www.rothesay.com
Forward-Looking Statements
The forward-looking statements in this news release, such as
“looking forward” and “will,” are based on assumptions and
expectations that involve risks and uncertainties, including the
“Risk Factors” MetLife, Inc. describes in its U.S. Securities and
Exchange Commission filings. MetLife’s future results could differ,
and it has no obligation to correct or update any of these
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210225005779/en/
MetLife Contact: Judi Mahaney jmahaney@metlife.com
212-578-7977
Rothesay Contact: Anthony Marlowe Head of Communications &
Public Affairs anthony.marlowe@rothesay.com +44 (0)7912 550184
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