MetLife, Zurich Complete $3.5bn Longevity Reinsurance Transaction
MetLife, Inc. (MET)
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)--Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc. (“MetLife”), announced today it has completed a significant longevity reinsurance transaction involving an unnamed U.K. pension scheme, using an independent U.K. regulated insurer, Zurich Assurance Ltd. (“Zurich”) as intermediary. The transaction, which was completed in Q4 2021, was MetLife’s first longevity swap of U.K. pension scheme liabilities. Aon was the lead adviser to the scheme for the transaction. Under the terms of the agreement, Metropolitan Tower Life Insurance Company will provide reinsurance for longevity risk associated with approximately $3.5 billion of pension liabilities.“We are pleased MetLife has been selected to reinsure these obligations. As MetLife’s first pension scheme longevity swap transaction, this marks an important milestone in the evolution of our U.K. longevity reinsurance business and highlights MetLife’s focus on innovation to meet the customers’ n
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