trending Market Intelligence /marketintelligence/en/news-insights/trending/51qwnpbsvpkcwtt0njv1za2 content esgSubNav
In This List

Zurich Insurance, UK National Grid sign longevity swap deal for up to £2B

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Blog

The World's Largest P&C Insurers, 2023

Blog

The Worlds Largest Life Insurers, 2023

Blog

Essential IR Insights Newsletter Fall - 2023


Zurich Insurance, UK National Grid sign longevity swap deal for up to £2B

Zurich Insurance Group AG's U.K. arm agreed to cover more than £2 billion of pension liabilities for the U.K. National Grid Electricity Group of the Electricity Supply Pension Scheme.

The transaction protects National Grid PLC, which operates the U.K.'s electricity infrastructure, against the risk of rising liabilities related to around 6,000 pensioners and more future members living longer than expected.

Zurich in turn transferred a significant portion of the risk to Great-West Lifeco Inc.'s Canada Life Assurance Co.

Aon PLC acted as lead transaction adviser on both deals, negotiating the terms with Zurich and brokering the reinsurance deal with Canada Life.

The transaction is Zurich's largest longevity swap to date, the company's head of longevity risk transfer Greg Wenzerul said.