Select a region
A new Guernsey-based incorporated cell has been created to insure the longevity risk of a pension fund holding around £2billion in assets.
Fission Gamma, the new Guernsey-based incorporated cell, was created to insure the longevity risk of the fund and to reinsure this risk with leading global re-insurer Munich Re. Insuring longevity risk in this way enables the fund to protect itself financially against longevity risk.
MMC UK Pension Fund's first longevity swap transaction to include active members, will cover approximately £2 billion in liabilities for 14,500 pensioners, deferred and active defined benefit members.
The Guernsey aspects of the transaction were advised by law firm Carey Olsen, including partner Christopher Anderson, Senior Associate Alex Mauger and Associate Oliver Orton. The fund was advised by Mercer, a wholly owned subsidiary of Marsh McLennan.
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.