Prudential, Aviva reach first longevity reinsurance agreement as U.K. pension de-risking market surges
By a
This agreement comes amid surging demand for de-risking from the
"We are delighted to establish a new relationship with Aviva," said
Tom Ground, managing director of defined benefit solutions at Aviva, said: "We're delighted to have entered into this transaction with PICA. As one of the leading reinsurers, it has the credentials and scale to support our own growth ambitions as we continue to increase deal volumes in the
The agreement follows at least 10 others in the market during the last 12 months that have exceeded
Funding levels of
Prudential is a global leader in the pension reinsurance market with more than
Aviva's asset management business,
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation recordkeeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.3 million participants and annuitants. Prudential Retirement has
Reinsurance contracts are issued by either
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