Prudential Completes $6 Billion In Longevity Reinsurance Business With Rothesay Life; Optimistic About 2020 Market

Prudential has announced the closing of its seventh and eighth strategic longevity reinsurance transactions with Rothesay Life Plc, reinsuring a combined $6 billion of pension liabilities associated with two bulk annuity transactions completed in the second half of 2019.

"2019 was an extraordinary year in the global risk transfer markets, having started the year at the best funded status that U.S., U.K. and Canadian pension funds had seen since the financial crisis," Amy Kessler, head of longevity risk transfer for PICA, said. "This, together with excellent asset availability, a vibrant, well-capitalized insurer and reinsurer market allowed many schemes to transact ahead of when they might have expected to and put the industry on a path to break records in 2019."

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