Life reinsurance
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Funds will be raised by contributions from at-risk businesses, insurance companies, plus cat bonds and government funds.
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Canada Life, Munich Re and Swiss Re have covered the pension liabilities of 200,000 pensioners in the Netherlands.
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The Ivy vehicle will co-invest on deals with Global Atlantic.
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The finance company is led by ex-Leadenhall deputy CIO Dan Knipe.
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Pre-Covid-19 mortality risks generally provided low single-digit returns, but significant repricing is underway.
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Coronavirus cases could reach between 800,000 and 2.9 million by the start of April.
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The longevity swap is the second-largest transaction ever completed in the UK after the £16bn BT Pension Scheme deal in 2014.
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The cat bond covers hurricane and extreme mortality risks, according to sources. -
The Netherlands-based life insurer said it is currently unwilling to bear volatility and will be closing down its $300mn ILS portfolio.
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Deputy CIO Dan Knipe is setting up a new credit platform.
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The majority of the longevity risk was reinsured by Hannover Re.
