Another pension longevity swap deal has been conducted through
Guernsey with the Willis pension scheme using a Guernsey-based
captive insurance company established through Willis Towers Watson
in the island.
Guernsey has built up a significant stake in this sector in
recent years, with a number of deals completed.
The Willis pension scheme arrangement has involved a longevity
swap transaction with Munich Re to manage longevity risk in
relation to some £1 billion of pensioner liabilities,
covering pensions in payment and long-term protection for the
scheme against longevity risk, involving some 3,500 scheme
members.
"This is a really interesting
period of development for our insurance sector. Guernsey is the
clear leader in pension longevity and reinsurance structuring, and
we are very pleased to have played a role in this swap."
