Sidley Advises Munich Re on £1 Billion Longevity Swap with Willis Pension Scheme

Sidley represented Munich Re in connection with a reinsurance swap transaction with the Willis Pension Scheme, providing longevity protection in respect of approximately £1 billion of pension liabilities referable to around 3,500 scheme members. The longevity risk has been transferred to Munich Re via a Guernsey-based captive insurance company owned by the trustee of the scheme.

The Sidley team in London was led by partner Martin Membery (Insurance) and included counsel James Phythian-Adams (Insurance), partners Jason Richardson (Global Finance) and Kolja Stehl (Financial Services Regulatory), associates Sean Renfer (Global Finance) and Hannie Syeda (Insurance), and trainee Parris Sammut (Insurance).