Canada Life Reinsurance is supporting Zurich Insurance in a longevity swap deal and the National Grid Electricity Group pension plan, announced on Tuesday, 15 May 2018.
The transaction will protect National Grid against the risk of rising costs as a result of around 6,000 pensioners and future dependent members living longer than expected.
Jeff Poulin, Global Head of Canada Life Reinsurance, said: “We are delighted to have supported Zurich on their first large bespoke longevity transaction. It was a pleasure to work with Zurich and Aon to put an attractive transaction in place for the Group Trustee. This transaction builds on our existing book of UK longevity risk and we look forward to continuing to add to the portfolio in the coming months and years.”