Trade Resources Company News LV= and Swiss Re Successfully Completed GBP800m Longevity Insurance Contract

LV= and Swiss Re Successfully Completed GBP800m Longevity Insurance Contract

Mutual insurance, retirement and investment group LV= and Swiss Re successfully completed GBP800m ($1.3bn) longevity insurance contract.

The longevity contract involves longevity exposure insurance for 5,000 individuals who were members of the scheme as of 31 December 2011 as well as for members yet to retire.

The agreement covers a broader population than previous pension market longevity transactions, extending beyond in payment pensioners to also cover members aged 55, who are yet to retire.

LV=Michael trustee chairman Allen said that the deal has been concluded which maximises the extent of the longevity coverage by including insurance for pensioners as well as for many of older deferred members.

"This is an important step in minimising the risks inherent in LV='s main staff pension scheme," Allen added.

LV='s chief financial officer Philip Moore said, "The ageing population and increases in life expectancy have created a need for better management of longevity risk across the insurance and pension industries."

Source: http://lifeinsuranceandpensions.insurance-business-review.com/news/lv-swiss-re-completes-longevity-insurance-contract-131212
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Lv=, Swiss Re Completes Longevity Insurance Contract
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