NN-Group Netherlands signs €3.8bn longevity risk transfer with Munich Re Group
NN Life of the Netherlands has insured longevity risk in respect of €3.8 billion of pension liabilities with Munich Re. This transaction, which covers over 43,000 pensioners and dependents, provides a significant de-risking for NN Life in relation to their annuity portfolio.
This is Munich Re’s first significant longevity transaction in the Netherlands but is part of its wider strategy to grow this element of its business by providing tailored solutions and significant capacity to its chosen longevity markets.
This particular transaction was supported with legal advice being provided to Munich Re by Sidleys and NautaDutilh.
We are very pleased to have delivered a key de-risking solution to NN Life and its customers and to have completed our first, of what we intend to be many, significant international deals. This is a natural addition to our significant UK longevity offering.
Lawyers from the Sidley insurance and finance teams have been working seamlessly with Munich Re on the structuring and successful execution of this complex transaction.