Fujitsu-sponsored U.K. plan completes $5.1 billion longevity swap
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ICL Group Pension Plan, Bracknell, England, insured £3.7 billion ($5.1 billion) in liabilities through a longevity swap with its own captive insurer, said a spokesman for Willis Towers Watson, an adviser on the deal.
The deal was structured through an insurance company in Guernsey, which is owned by the plan s trustee. The name of the company was not available. It was the plan s first longevity swap and risk transfer transaction. The deal was reinsured by Swiss Re.
The swap covers liabilities linked to 9,000 retired plan participants and about half of the total longevity risk of the £5 billion plan, which is sponsored by global information technology services company Fujitsu.
By IPE Staff2021-05-13T12:01:00+01:00
A Fujitsu pension scheme – the ICL Group Pension Plan – has insured its longevity risk over £3.7bn (€4.3bn) in liabilities with Swiss Re providing the reinsurance coverage.
The scheme, under the advice of Willis Towers Watson (WTW), was also able to optimise pricing by using a new Insight Investment platform to provide access to the reinsurance market via a trustee-owned Guernsey insurance cell.
The Insight Investment platform was built specifically to facilitate the use of longevity swaps by pension schemes, said Serkan Bektas, head of client solutions group at the firm.
“Our aim is to pioneer flexible and efficient approaches to hedging longevity risk,” he added.
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