Prudential Retirement closes $1.7 billion in new longevity reinsurance transactions in first half of 2020
Prudential Retirement,® a business unit of Prudential Financial, Inc. has successfully closed $1.7 billion in new longevity reinsurance transactions during the first half of the year, attributing success to pivoting quickly to virtual closings during the COVID-19 global pandemic and a vibrant smaller end of the U.K. pension buy-in and buy-out market.
"Innovation comes in many forms and this spring, we found ourselves quickly adapting to an entirely virtual environment," said Rohit Mathur, vice president and head of International Transactions for Prudential Retirement. "While we are now in the midst of incredible uncertainty with the coronavirus, such uncertain times have strengthened our conviction that pension de-risking is an all-weather solution for our institutional client base. For those pension schemes that had de-risked their asset portfolio and that were ready to transact before COVID-19, there was nothing holding them back from moving forward with their deals."