Law360, London (April 28, 2021, 1:17 PM BST) -- U.S. insurer Prudential Financial Inc. said on Wednesday that it has reinsured £6 billion ($8.3 billion) of liabilities for a British pension plan, as the U.K.'s risk transfer market looks set for a return to major deals this year.
Prudential Financial, which is based in New Jersey, said the deal was a longevity swap, which protects against the risk that members of the U.K. retirement scheme — which was not identified — will live longer than expected.
The transaction is the first sign of a return to multibillion-pound pension insurance contracts, after a period of smaller and midsized deals during the COVID-19...
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