Aon advises HSBC Bermuda on £7 billion longevity swap

12 August 2019

Aon publishes on its website:

“Aon, (NYSE:AON) a leading global professional services firm providing a broad range of risk, retirement and health solutions, has announced that it advised HSBC in Bermuda on a £7 billion longevity swap, involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Company of America (PICA), the second-largest ever deal of its type.

The deal uses a captive solution with an HSBC-owned insurer in Bermuda, with PICA then reinsuring the transaction, which relates to around half the scheme’s pensioner liabilities.

A multi-disciplinary team from Aon helped with the establishment and licensing of the new captive solution, together with advising on the operational infrastructure required to service the deal on an ongoing basis. The team included members of Aon’s UK based risk settlement group, led by senior partner Martin Bird, and Aon Insurance Managers (Bermuda), led by managing director Anup Seth.”

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