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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