MetLife in $3.5 Billion Longevity Reinsurance Deal
January 20 2022 - 2:18PM
Dow Jones News
By Stephen Nakrosis
Metropolitan Tower Life Insurance Co. on Thursday said it
completed a longevity reinsurance transaction involving an unnamed
U.K. pension scheme, with Zurich Assurance Ltd., an independent
U.K.-regulated insurer, acting as intermediary.
The deal will see Metropolitan Tower Life Insurance provide
reinsurance for longevity risk associated with about $3.5 billion
of pension liabilities, the company said.
Metropolitan Tower Life Insurance is a subsidiary of MetLife
Inc.
The deal, which was completed in the fourth quarter of last
year, is MetLife's first longevity swap of U.K. pension scheme
liabilities, the company said.
Aon PLC acted as lead adviser to the scheme for the transaction,
MetLife said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 20, 2022 14:03 ET (19:03 GMT)
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