Products November 9, 2011
Prudential Completes its Largest Longevity Reinsurance Transaction to Date
November 9, 2011 (PLANSPONSOR.com) - Prudential
Retirement announced the successful completion of its largest longevity
reinsurance transaction to date.
Reported by Tara Cantore
Under the terms of the transaction, Prudential Retirement will provide reinsurance of longevity risk to Rothesay Life and to its sister company, Paternoster, both wholly-owned subsidiaries of The Goldman Sachs Group, Inc. The transaction initially covers pension liability values of GBP 450 million, approximately equal to $723 million U.S. dollars.
“This new transaction is particularly significant in that it covers retired pension plan participants as well as younger beneficiaries who have yet to retire,” said Phil Waldeck, senior vice president and head of Prudential’s Pension & Structured Solutions business.
You Might Also Like:

Lucas Takes the Helm at EBRI
Lori Lucas, previously with Callan Associates, tells PLANSPONSOR there is a new vision for the Employee Benefit Research Institute’s future.

Retirement Industry People Moves
OneAmerica Reveals Leadership Changes Within Company; TRA Acquires ACS to Expand Northeast Region; USI Hires SVP and Regional Sales Director;...

Retirement Industry People Moves
Mercer Reveals Leadership Changes in Its Wealth and Health Hemisphere; Milwaukee Institutional Announces Boston Location Led by VP; BPOC Acquires...