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MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has closed its second and third longevity reinsurance transactions with Rothesay Life Plc, reinsuring approximately $5 billion of pension liabilities associated with two U.K. bulk annuity transactions completed in the fourth quarter of 2020. |
“We are pleased to expand our relationship with Rothesay and build on our previous success to execute the latest two transactions very quickly and efficiently,” said Jay Wang, senior vice president and head of Risk Solutions for MetLife’s Retirement & Income Solutions business. “With these transactions, we will continue to execute on our strategy, using our actuarial expertise and history managing longevity risk to expand our footprint within the U.K. longevity reinsurance market.” “Despite the pandemic, the U.K. pension and longevity risk transfer market remains remarkably resilient and robust, offering opportunities for MetLife to continue to support direct insurers and pension schemes in the U.K. on hedging longevity risk,” Wang said. “We look forward to further strengthening our relationship with Rothesay and supporting the business in its de-risking activity.” “We are pleased to continue to grow our relationship with MetLife through these longevity reinsurance agreements. As a business purpose-built to protect pensions, strong reinsurance partnerships help us to deliver the long-term security we provide for policyholders,” said David Cox, Co-Head of Pricing and Reinsurance at Rothesay. |
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