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2 companies create process for small pension derisking

Prudential Financial Inc. unit Prudential Retirement and Pension Insurance Corp. Plc have developed an approach for expediting longevity reinsurance transactions for smaller pension buy-ins and buy-outs that meet pre-agreed criteria.

These blocks will be reinsured by Prudential Financial at the model-determined price.

The flow reinsurance structure can increase primary insurers' capital efficiency and cut the administrative burden for both the primary insurer and the reinsurer, according to a news release.

The approach combines an advance commitment of capital, known pricing and the bundling of multiple transactions into a single closing. Prudential Retirement said it will allow Pension Insurance to efficiently address the risk transfer needs of small pensions and their retirees.