Swiss Re has agreed a $2bn liability longevity reinsurance transaction with US annuities provider, Athene.
The deal is the first such transaction covering US retirees for the Swiss group, which said move builds on its global track record in the longevity risk transfer market.
Since the establishment of the longevity risk transfer market nearly 20 years ago, Swiss Re has completed more than 30 longevity reinsurance transactions between the UK, the Netherlands, Singapore and Australia, covering over $50bn of pension benefits and more than one million retirees.
Longevity reinsurance enables pension providers and their insurers to fulfil their promises to their beneficiaries, especially when participants’ lifespans are significantly longer than anticipated.
At 17% of insurance revenue in 2025, longevity business was the second largest segment for Swiss Re’s life and health reinsurance business last year.
Managing director and head of US globals and transactions at Swiss Re, Michael Bacon, said: “Swiss Re’s financial strength and structuring experience support Athene’s mission to protect policyholders’ pension income in retirement.
“This transaction demonstrates Swiss Re’s continued commitment to delivering tailored longevity risk solutions to leading retirement services providers.”
