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Prudential Financial, Inc.: Prudential, Zurich close significant £6 billion longevity reinsurance transaction


Prudential Financial, Inc.: Prudential, Zurich close significant £6 billion longevity reinsurance transaction
Deal structure demonstrates new options, flexibility for clients
Prudential Retirement s International Reinsurance business has closed its first reinsurance transaction involving an unnamed U.K. pension scheme using an independent U.K.-regulated insurer, Zurich Assurance Ltd., as intermediary. The transaction, which closed in March of 2021 and transfers longevity risk associated with £6 billion ($8.4 billion) of pensioner liabilities, is Prudential s third largest U.K. longevity risk transfer transaction to date. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
This significant transaction uses a limited recourse or pass-through structure, meaning the longevity and default risks are able to be passed through the insurer. It was the first transaction involving this type of structure entered into by Prudential Retirement and ....

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Unnamed UK pension scheme signs £6bn longevity swap


By Susanna Rust2021-04-28T14:27:00+01:00
An unnamed “large” UK pension scheme has transferred the longevity risk associated with £6bn of pensioner liabilities via a reinsurance deal with the international reinsurance business of The Prudential Insurance Company of America, a wholly owned subsidiary of Prudential Financial Inc. (PFI).
The transaction closed last month and used an independent UK-regulated insurer, Zurich Assurance, as intermediary. The transaction used a “pass-through” structure, meaning the longevity and default risks are able to be passed through to the insurer.
According to advisers Willis Towers Watson and CMS, this was the first time PFI had transacted through a structure of this kind. ....

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Sony's obsession with blockbusters is stirring unrest within the PlayStation empire


Apr 10, 2021
Sony Corp.’s Visual Arts Service Group has long been the unsung hero of many hit PlayStation video games.
The San Diego-based operation helps finish off games designed at other Sony-owned studios with animation, art or other content and development. But about three years ago, a handful of influential figures within the Visual Arts Service Group decided they wanted to have more creative control and lead game direction rather than being supporting actors on popular titles such as Spider-Man and Uncharted.
Michael Mumbauer, who took over direction of the Visual Arts Service Group in 2007, recruited a group of about 30 developers, internally and from neighboring game studios, to form a new development unit within Sony. The idea was to expand upon some of the company’s most successful franchises and the team began working on a remake of the 2013 hit The Last of Us for the PlayStation 5. But Sony never fully acknowledged the team’s existence or ga ....

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