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ARTICLE · 14 AUGUST 2014

Guernsey Hosts A "Ground-Breaking" Captive Insurance Transaction For Major Pension Scheme

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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Carey Olsen has advised the BT Pension Scheme trustees on the establishment of the largest ever Guernsey insurance captive designed to cover 25% of the scheme’s exposure to the risk of increased life expectancy.

GuernseyInsurance
Carey Olsen
Carey Olsen
Konrad Friedlaender
Konrad Friedlaender
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Carey Olsen has advised the BT Pension Scheme trustees on the establishment of the largest ever Guernsey insurance captive designed to cover 25% of the scheme's exposure to the risk of increased life expectancy.

The BT Pension Scheme is the UK's biggest corporate final salary scheme and the transaction is one of the largest ever established and covers scheme liabilities currently valued at around $16 billion. The longevity insurance and reinsurance transaction involved the Guernsey captive as insurer and the Prudential Insurance Company of America (PICA) as reinsurer.

Carey Olsen partner, Konrad Friedlaender, senior associate, James Stockwell and associate, Paula Fry, advised the BT Pension Scheme trustees on all the Guernsey legal and regulatory issues with establishing the captive and the insurance and reinsurance transaction.  Ogier advised PICA in Guernsey. Carey Olsen worked with Allen & Overy as lead counsel on the insurance and reinsurance issues.

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