Mayer Brown, CMS Guide £3.7B Prudential Longevity Swap

Law360, London (November 12, 2020, 11:45 AM GMT) -- A staff pension scheme for Prudential Assurance Company has reinsured £3.7 billion ($4.8 billion) of liabilities with Pacific Life Re Ltd., as Britain heads closer to achieving the second-biggest year on record for transfer of risk. 

Prudential's parent company, M&G PLC, has said the staff pension plan will now be protected against the risk that 20,000 retirees could live longer than expected. (Getty) The deal will mean that the Prudential Staff Pension Scheme will now be protected against the risk that 20,000 retirees live longer than expected, the insurer's parent company, M&G PLC, said Wednesday. The transaction, known as a longevity swap, is...

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