Kramer Levin Advises Zurich in Prudential Retirement’s $8.4 Billion Longevity Reinsurance Transaction

On April 28, 2021, Kramer Levin client Zurich Assurance Ltd. (Zurich) announced that it acted as intermediary in Prudential Retirement’s International Reinsurance business’s first reinsurance transaction involving an unnamed U.K. pension scheme. The transaction closed in March 2021. It transfers longevity risk associated with $8.4 billion of pensioner liabilities and is Prudential’s third largest U.K. longevity risk transfer transaction to date.

The Kramer Levin team advising Zurich was led by Insurance Transactional and Regulatory partner Daniel A. Rabinowitz and included Corporate associate Martha Petrocheilos.