Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of December 31, 2021, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.
PFI is an award-winning provider of pension risk transfer solutions focused on securing long-term pension obligations for individuals around the world. PFI specialises in buy-ins and buyouts in the United States and reinsurance transactions globally, including longevity reinsurance and funded reinsurance. PGIM, the global asset management business of PFI, is a top-ten institutional asset manager worldwide and manages assets for PFI’s insurance and reinsurance contracts.
Prudential Financial, Inc. of the United States is not afﬁliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
Club Vita’s mission is to improve later life financial well-being by promoting awareness of longevity risk and making its management transparent and efficient.
We work primarily with workplace pension funds in the UK, Canada and the US. On their behalf, we facilitate the accumulation and pooling of data underlying the longevity patterns of retirees with annuity benefits. Club member pension funds and their advisors use our analytics to understand their emerging longevity patterns, to drive more informed strategic decisions and to embed best-practice risk-management into their governance frameworks. We also support financial institutions that manage longevity risk: insurers, reinsurers and asset managers, helping them offer attractive longevity risk protection products in a tech-enabled, efficient manner. Our current community includes 400 pension funds, 7 pension advisory firms and 25 (re)insurers. Across our three clubs, we are tracking the survival patterns of a diverse population of over five million people with benefits in workplace pension plans.
Club Vita was born in the UK in 2008. Our systems and processes were designed by a multi-disciplinary team, with a shared passion for “allowing the data to do the talking” by combining modern technology and statistical techniques. Following a successful UK launch, we went on to build similar communities in Canada (2015) and in the United States (2019).
Reinsurance Group of America, Incorporated (NYSE: RGA), a Fortune 500 Company, is a global industry leader specializing in life and health reinsurance and financial solutions to help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.5 trillion of life reinsurance in force and assets of $92.2 billion as of December 31, 2021.
RGA is a well-established provider of longevity reinsurance solutions, delivering a range of innovative structures and products to transfer longevity risk associated with life annuities and pension obligations. Since executing its first longevity transaction in 2008, RGA has developed customized solutions for clients across the globe, notably in the U.K., Canada, and Continental Europe, as well as expanding into the U.S. market. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn, Twitter, and Facebook.
Willkie Farr & Gallagher LLP is an elite international law firm of approximately 1,000 lawyers located in 13 offices in six countries. For more than 130 years, we have represented companies across a wide spectrum of businesses and industries. The firm is comprised of attorneys who are recognized as some of the world’s foremost practitioners in their respective areas. Willkie is widely recognized for its preeminent Insurance Transactional and Regulatory Practice, which covers nearly every discipline relating to insurance transactional matters. We represent a broad spectrum of industry participants, including life/annuity and property-casualty insurers, reinsurers and intermediaries, mortgage and financial guaranty insurers, insurtechs, private equity investors, insurance-sector financial funds, and commercial and investment banks. Our clients include many of the world’s most prominent insurers, reinsurers and intermediaries.
Canada Life Reinsurance offers a range of products in Europe and North America to enable our clients to reduce their exposure to longevity risk, enabling optimum risk management and continued growth opportunities. We work closely with leading annuity providers, pension plan trustees and their advisors in order to understand each client’s needs, meet pricing project timescales and
implement new treaties as efficiently as possible. We benefit from the financial strength and robust risk management culture associated with Great-West Lifeco Inc, which includes top ranking credit ratings from the major rating agencies (AA S&P, AA3 Moodys).
We are an experienced counterparty, having executed our first large-scale longevity transaction in 2008. Recent longevity transactions in the UK market include the reinsurance of £2bn of liabilities associated with the National Grid Electricity Group pension plan, £1.5bn of liabilities associated with the MMC Pension Plan as well as a variety of non-public transactions with leading UK insurers. We are also very active across continental Europe, with past transactions covering annuity blocks of up to €6bn in size.
Hannover Re, with gross premium of more than EUR 27 billion, is the third-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with more than 3,000 staff. Established in 1966, the Hannover Re Group today has a network of more than 170 subsidiaries, branches and representative offices worldwide. Hannover Re has started the reinsurance of longevity risks already in the last millennium with the introduction of underwritten annuities in the UK. Since then the company has reinsured around EUR 40 billion in longevity business mainly in the UK and Continental Europe and is also very active in all other continents in the northern and southern hemisphere. The Hannover Re Group offers various structures for the transfer of longevity risks whether as a reinsurance treaty or financial instrument.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
UK & Ireland Life is part of the Munich Re Group, and started operating in 1977. The Munich Re Group is one of the world’s leading reinsurers, with over 140 years’ experience as a risk carrier and provider of financial services. We have an international organisation comprised of over 60 business units with offices and interests on each continent. This has enabled us to build and share local knowledge globally so as to develop Munich Re expertise across a wide variety of market issues.
Longevity reinsurance has become a core part of Munich Re’s business in the UK and we have grown to become a leading market player. We offer to the market a unique combination of expertise, financial strength and significant reinsurance capacity.
We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. Any company that hopes to meet these challenges must continue to develop its business model, optimise its processes and enhance its capital efficiency. From a Longevity perspective, we believe the key to successfully executing a longevity transaction is the combination of specialised knowledge, including actuarial, risk, legal and operational functions, along with strong project management. Our guiding philosophy, both for transacting new deals and managing in-force transactions, is to uphold the highest technical standards, while at the same time being pragmatic, solution-orientated and collaborative.