BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Axa U.K. Group Pension Scheme, London, completed a £2.8 billion ($4.4 billion) longevity swap with Reinsurance Group of America for the defined benefit section of its retirement plans.
The swap covers about half of the pension fund's liabilities, said a news release from Axa U.K. The total asset size was not immediately available.
The deal covers 11,000 members. The swap will form part of the pension fund's investment portfolio, providing income in the event that members live longer than is currently expected.
“By significantly derisking the scheme, this will benefit all our DB scheme members and will not affect any payments to members as they will continue to receive their pension as normal,” said Stephen Yandle, chairman, Axa U.K. Pension Trustees Ltd., in the release.
Towers Watson Co. and Linklaters L.L.P. were lead advisers to the trustees and company.
A spokeswoman for Axa was not available to comment.
Sophie Baker writes for Pensions & Investments, a sister publication of Business Insurance.
Axa S.A. will launch a U.S.-based employee benefits business later this year to serve small and midsize companies, the French insurer said.