January 9, 2023
Willkie client Prudential Financial, Inc. recently announced that on December 14, the Trustee of the Barclays Bank UK Retirement Fund (UKRF) insured £7 billion ($8.1 billion) of liability against longevity risk with reinsurance provided by The Prudential Insurance Company of America (PICA).
This transaction helps to protect the UKRF from the financial risk of any unexpected increase to life expectancy for current pensioners.
Prudential Financial, Inc. is a global financial services leader and premier active global investment manager with more than $1.3 trillion in assets under management as of September 30, 2022. Insurance and reinsurance products are issued by PICA, a wholly owned subsidiary of PFI. PICA provides offshore reinsurance to companies that have acquired UK pension risks through transactions with UK plan sponsors.
The Willkie team was led by partner Vladimir Nicenko and counsel Patrick Tedesco and included associates Eilidh Brown, Nicole Kapu-Leyland, Fanta Kamara and Alexander Kaan Avdzha.
This transaction helps to protect the UKRF from the financial risk of any unexpected increase to life expectancy for current pensioners.
Prudential Financial, Inc. is a global financial services leader and premier active global investment manager with more than $1.3 trillion in assets under management as of September 30, 2022. Insurance and reinsurance products are issued by PICA, a wholly owned subsidiary of PFI. PICA provides offshore reinsurance to companies that have acquired UK pension risks through transactions with UK plan sponsors.
The Willkie team was led by partner Vladimir Nicenko and counsel Patrick Tedesco and included associates Eilidh Brown, Nicole Kapu-Leyland, Fanta Kamara and Alexander Kaan Avdzha.
