Willis Towers Pension Plan Inks £1B Longevity Hedge Deal
Law360, London (June 30, 2020, 2:46 PM BST) -- Willis Towers Watson said Tuesday that it has inked a deal to transfer approximately £1 billion ($1.2 billion) of pension risks to Munich Re, as the insurance brokerage seeks to protect itself against the cost of members living longer than expected.
The British brokerage and advisory company said it has entered into a so-called longevity swap transaction with the German reinsurers. The transaction will cover approximately 3,500 members of its pension plan.
The arrangement mean that Munich Re will pay out pensions to members and provide protection for the scheme against the additional costs resulting from pensioners or their dependents living longer than...
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