Pacific Life Re Completes Longevity Transaction with Rothesay Life

LONDON--(BUSINESS WIRE)-- Pacific Life Re is pleased to announce the completion of a longevity reinsurance agreement with Rothesay Life. The agreement provides Rothesay Life with protection against a significant portion of the longevity risk arising from its insurance of 20% of the pension liabilities of the Airways Pension Scheme, one of the two defined benefit pension schemes sponsored by British Airways.

David Howell, CEO of Pacific Life Re commented:

"We are very pleased to be continuing our relationship with the highly capable team at Rothesay Life in providing a robust solution that complements the pension scheme transaction. The completion of this arrangement further enhances Pacific Life Re’s position as a leading provider of bespoke longevity hedging solutions for insurers and we look forward to working with Rothesay Life on other future opportunities.”

Addy Loudiadis, Chief Executive of Rothesay Life added:

"Rothesay Life values the ongoing association with Pacific Life Re highly and this transaction is a further example of how we can work together successfully to complete an important milestone transaction for the industry"

NOTES TO EDITORS:

1.Pacific Life Re Limited

Pacific Life Re is a wholly-owned subsidiary of Pacific LifeCorp. It is a UK-based specialist life reinsurer offering a comprehensive range of reinsurance solutions aimed at helping insurance providers to manage mortality, morbidity and longevity risk in the UK, Ireland and Asia.

www.pacificlifere.com

2.Rothesay Life

Rothesay Life is an insurance company established in the UK as a wholly-owned subsidiary of Goldman Sachs and is regulated by the FSA.

Rothesay Life aims to provide tailor-made solutions for pension schemes seeking to mitigate their exposure to longevity risk, thereby meeting the requirements of pension scheme members, trustees and corporate sponsors.

www.rothesaylife.co.uk

Pacific Life Re
Andy McAleese, Head of Annuity Transactions
Tel: +44 (0)20 7709 1812
E-mail: [email protected]

Source: Pacific Life Re