ARTICLE · 04 JANUARY 2018

The Guernsey ICC And Longevity Risk Transfer

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2017 has seen Guernsey underline its position as the go-to jurisdiction for longevity risk transfers with the announcement of two further deals, following on from the first ground-breaking ...

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2017 has seen Guernsey underline its position as the go-to jurisdiction for longevity risk transfers with the announcement of two further deals, following on from the first ground-breaking deals using the Guernsey 'Incorporated Cell Company' (ICC) in 2014/2015.

In summer this year, MMC UK Pension Fund Trustee Limited, the pension fund of Marsh & McLennan Companies, completed the longevity hedge of £3.4 billion in liabilities – covering around 7,500 pension fund members – using the Guernsey-domiciled ICC, Mercer ICC Limited.

Also this year, British Airways' Airways Pension Scheme (APS) is reportedly using its Guernsey captive structure, APS Insurance ICC Limited, to hedge £1.6 billion of liabilities.

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