Prudential Seals $2.6B In Pension Deals Ahead Of Brexit
Law360, London (April 25, 2019, 2:13 PM BST) -- Prudential Retirement has completed approximately $2.6 billion in reinsurance contracts against longer life expectancy this year, as U.K. pension schemes hasten to offload their liabilities ahead of Brexit, its U.S. parent company Prudential Financial has said.
The subsidiary is assuming longevity risks for some 16,000 pensioners in Britain in an “unprecedented start to the 2019 U.K. pension risk transfer market,” Prudential Financial said in a statement that revealed the previously undisclosed agreements.
“Pension schemes that can afford to de-risk have raced forward in the opening months of 2019, taking advantage of the window before Brexit,” Amy Kessler, head of longevity reinsurance...
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