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Swiss Re announces GBP 800 million longevity insurance cover for LV='s UK pension fund

10/12/2012 01:13 (500 Day 18:56 minutes ago)

The FINANCIAL -- Swiss Re has completed a GBP 800 million longevity insurance contract with the pension fund of UK insurer LV=.



The transaction includes insurance of longevity exposures for 1,000 members who are still to retire.

Swiss Re's latest longevity insurance agreement covers over 5,000 individuals who were members of the LV= Employee Pension Scheme as of 31 December 2011. As Swiss Re reported, the agreement covers a broader population than previous pension market longevity transactions, extending beyond in payment pensioners to also cover members not yet retired down to age 55.

Russell Higginbotham, Swiss Re's UK Chief Executive Officer, says: "Our clients seek risk transfers solutions with a counterparty who can deliver. We are pleased to have worked closely with LV= and the pension plan trustees to tailor a solution that precisely meets their objectives. A key requirement was to efficiently maximise the extent of the longevity coverage. The result is the first ever pension plan longevity contract that insures the exposure of members yet to retire."

This agreement confirms reinsurers as a natural home for longevity risk given their financial strength and ability to commit to the long-term cover needed for longevity risk.

Costas Yiasoumi, Swiss Re's Head of Longevity Solutions says: "Longevity contracts are very long-dated and clients need counterparties that are in this market for the long haul. We offer financial strength, a successful track record and the immediate and long-term benefits of dealing with a longevity end-risk holder. When the client made the strategic decision to implement longevity protection, Swiss Re was a natural counterparty to consider."

The LV= transaction confirms Swiss Re's position as the leader in the longevity swap market, having transferred over USD 12 billion in longevity liability to its own books.

The market is becoming more aware of longevity risk. Swiss Re's ability to execute complex transactions with the balance sheet capacity to support them places the company in a good position for future opportunities.

Alison Martin, Member of Swiss Re’s Group Management Board and Head Life & Health Reinsurance, says: "Swiss Re has led the development of the longevity market and we expect demand for longevity solutions to continue. We will remain selective in how we apply our longevity capacity to deliver customised solutions for our insurance clients."



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“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

23/04/2014 16:38 (1 Day 03:31 minutes ago)

The FINANCIAL -- A 14-member delegation of the Parliamentary Assembly of the Council of Europe (PACE), led by Stefan Schennach (Austria, SOC), will travel to “the former Yugoslav Republic of Macedonia” from 25 to 28 April to observe the conduct of the presidential election (2nd round) and the early parliamentary elections, alongside observers from the OSCE’s Parliamentary Assembly and Office for Democratic Institutions and Human Rights (ODIHR), according to PACE.



Major Cloud Service Providers Slash Prices; Threaten Smaller Players’ Existence: IDC Warns

19/04/2014 13:40 (5 Day 06:29 minutes ago)

The FINANCIAL -- In the last week of March, major Cloud Service Providers (CSPs) in Asia dropped their prices for core services dramatically and IDC believes that this will make it very difficult for smaller CSPs to remain in business if they continue to rely on provision of basic, undifferentiated services, according to International Data Corporation (IDC).

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