A subsidiary of Prudential Financial has finished a $1.1 billion durability reinsurance deal for British speciality insurer Pension Insurance coverage Corporation, the USA insurance provider stated on Friday. The offer covers longevity threat related to around 2,900 pensioners throughout parts of insurance coverage broker Aon Retirement Scheme, the firm stated in a statement. Pension Insurance Corp is a specialist in bulk annuities – taking on the risk of defined benefit, or last salary, business pension schemes.
British insurers have been progressively reinsuring pensions and durability risk to cut capital expenses under brand-new European Solvency II rules.
( Reporting by Carolyn Cohn, modifying by Sinead Cruise).