Investment - Articles - Aon advises on 5bn longevity transaction for Barclays Bank

Aon has announced that it was the lead advisor to the Barclays Bank UK Retirement Fund (UKRF) on its £5 billion longevity transaction with Reinsurance Group of America (RGA).

 A multi-disciplinary team from Aon, led by senior partner Martin Bird, advised on all aspects of transaction, including risk analytics, design and structuring, reinsurance selection and operational establishment. The team included members of Aon’s UK-based risk settlement group and Aon’s insurance team.

 Martin Bird, senior partner and head of Risk Settlement at Aon, said: “It's great that Aon was able to bring together all the necessary expertise – including our market-leading demographic analytics, our diverse experience of the risk settlement market and insurance capabilities – to support this significant transaction. We worked closely with the Trustee of the UKRF in tailoring an insurance structure solution to hedge the fund’s specific longevity risk profile following a competitive reinsurance selection process.”

 Tom Scott, principal consultant in Aon’s Risk Settlement team, said: “This transaction, along with others in the pipeline, demonstrates the capacity and appetite of the global reinsurance market to take on pension fund longevity risk, even in these challenging times. Despite the current economic climate, pension schemes can still successfully access the reinsurance market in an effective manner."

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