Management Consulting
Aon
Full Credential Description
Aon served as the lead advisor to the Barclays Bank UK Retirement Fund (UKRF) on a significant £5 billion longevity transaction with Reinsurance Group of America (RGA). The client faced the challenge of managing its specific longevity risk profile, which required a tailored insurance structure solution. Aon's multi-disciplinary team, led by senior partner Martin Bird, provided comprehensive support throughout the transaction, including risk analytics, design and structuring, reinsurance selection, and operational establishment. The collaboration involved Aons UK-based risk settlement group and insurance team, ensuring that all necessary expertise was leveraged to address the unique needs of the UKRF. The transaction highlighted the capacity and appetite of the global reinsurance market to absorb pension fund longevity risk, even amidst challenging economic conditions. Aons approach not only facilitated the successful execution of this transaction but also demonstrated that pension schemes can effectively access the reinsurance market, providing a strategic advantage in managing longevity risks.