Aviva longevity swap raises questions for intermediaries
UK insurer Aviva went direct to reinsurers for its recent £5 billion pension scheme risk transfer, but bankers are unconcerned by the absence of intermediaries on the deal
Bankers have welcomed a recent longevity swap from Aviva despite the deal being executed without intermediaries, a development that would appear to limit the future role of banks in the longevity market.
In a transaction announced in early March, the UK-based insurer transferred longevity risk relating to around £5 billion of pension liabilities to Aviva UK Life and then directly to three reinsurers (Scor Global Life, Munich Re and Swiss Re) rather than go through a bank intermediary.
The
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