Achmea Pension & Life Insurance, part of Achmea Group (Achmea B.V.), is a major Dutch life and pension insurance company. The €8 billion of pension liabilities represent pensions in payment and deferred pensions and have been reinsured with Munich Re and Pacific Life Re.
The Aon team - directed by Roelant de Haas in the Netherlands and Martin Bird in the UK – led the reinsurance broking and structuring. Hogan Lovells International LLP provided legal advice to Achmea, with Macfarlanes LLP and NautaDutilh advising Munich Re and Debevoise & Plimpton LLP advising Pacific Life Re.
Roelant de Haas, CEO Aon Reinsurance Solutions Netherlands, said: “We are pleased to have supported Achmea on this strategically important capital solution and to have brought together a united Aon team with in-depth market expertise, industry insights and strong broking capabilities to deliver a successful transaction.”
Martin Bird, senior partner and UK head of risk settlement at Aon, said: “The global longevity reinsurance market remains highly competitive and has large scale capacity to deploy, with a strong appetite in relation to the Dutch market. By using Aon’s Demographic Horizons software for modelling mortality and other demographics - including the leading base mortality postcode model for the Netherlands - as well as our broader reinsurance market insight and broking expertise, we were able to syndicate this milestone transaction for Achmea.”
Michiel Dijkstra, head of balance sheet management Achmea Pension & Life Insurance, said: “Aon’s expertise and experience in the Dutch longevity market enabled us to bring this transaction to a timely and highly successful conclusion. The transaction is a significant next step in executing our long-term strategy. The associated capital benefit will support our strategic growth ambitions in the Dutch buyout market, as well as the further optimisation of our investment portfolio.”
Martin Lockwood, head of longevity for Munich Re, said: “Munich Re is delighted to collaborate with Achmea and Aon on this transaction, leveraging our deep expertise in longevity reinsurance to provide a robust solution for managing longevity risk in an increasingly complex and dynamic market. This transaction marks a significant milestone in our ongoing commitment to support Dutch insurers in safeguarding retirement benefits for thousands of policyholders. Munich Re is also grateful for the effort and expertise offered by Macfarlanes and NautaDutilh in supporting this transaction.”
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