Ogier in Guernsey has advised the Prudential Insurance Company of America (PICA) on Guernsey law matters in relation to a £1.7bn longevity risk transfer by the pension fund of Marsh & McLennan Companies – MMC UK Pension Fund.
The longevity risk transfer – £3.4bn in total, covering approximately 7,500 pension fund members – was completed with PICA and Canada Life Reinsurance ultimately reinsuring an equal share of the risk.
PICA, a subsidiary of US business Prudential Financial, entered into the reinsurance transaction with a Guernsey incorporated cell of a Guernsey incorporated cell company.
Ogier in Guernsey has previously advised PICA on the Guernsey aspects of its £16bn longevity risk transfer transaction with the BT Pension Scheme.
The Ogier team advising PICA was led by Partner Bryon Rees and Senior Associate Michelle Watson Bunn.