Swiss Re, one of the world’s largest reinsurers, has entered into the first longevity reinsurance transaction covering U.S. retirees, building on the company’s global track record in longevity risk transfer.
In the nearly 20 years since the market was established, the reinsurance giant has completed more than 30 longevity reinsurance transactions in the UK, Netherlands, Singapore and Australia, covering more than $50 billion in pension benefits and more than 1 million retirees.
Swiss Re built on this success by executing the first longevity risk transfer agreement covering U.S. retirees and announced it had closed a $2 billion liability longevity reinsurance deal.
In connection with this transaction, Athene acted as a counterparty as part of its day-to-day risk management activities.
“Swiss Re’s financial strength and structural 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,” said Michael Bacon, Managing Director, Head of Global Business and Trading, Swiss Re US.
Longevity business accounted for 17% of Swiss Re’s insurance revenue in 2025, making it the second-largest segment of the reinsurer’s life and health reinsurance business.
“Swiss Re expects significant industry demand for longevity risk transfer solutions as a record number of benefit plan sponsors transfer pension liabilities to insurers,” the company said.
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