The story behind the BT Pension Scheme's record breaking
longevity risk transfer with the Prudential Insurance Company of
America will be told at an insurance masterclass in London next
The event, which takes place at the British Museum on Wednesday
14 October, features John Coles, Head of Operations for the BT
Pension Scheme as keynote speaker. Mr Coles will outline how BT
structured the £16 billion longevity swap and why a
Guernsey-based structure was used.
The event will also include a panel debate comprising leading
figures from the Guernsey and UK insurance communities. The
discussion will examine captive insurance solutions as well as
longevity trends, needs and future opportunities. It will also
examine why Guernsey has been able to position itself so
effectively in this area as a result of the use of cell company
structures, regulation and guidance and reinsurance capacity.
Guernsey Finance Chief Executive Dominic Wheatley said:
"Longevity risk has always been a key factor for pension
schemes to consider, but with life expectancies increasing globally
this issue has only been exacerbated and pension schemes have had
to innovate new solutions. Captive insurance solutions utilising
the cell company concept are now accepted as an efficient solution
to deal with this issue. Our London event will explore and explain
how these structures work.
"The fact that we will have John Coles, Head of Operations
for the BT Pension Scheme, as keynote speaker is particularly
exciting as he will be able to give the audience a fascinating
insight into BT's record-breaking deal with the Prudential
Insurance Company of America. The value of having that knowledge on
hand at this event cannot be underestimated."
Latest figures have revealed that the GFSC licensed 45 new
international insurers during the first six months of this year,
meaning there were a total of 816 licensed in Guernsey at the end
of June 2015, made up of 244 limited companies, 67 PCCs, 393 PCC
cells, 13 ICCs, 40 ICC cells and 59 life policy cells. This
compares to a total of 797 GFSC-licensed international insurers at
the end of December 2014, signifying a net growth of 19 so far this
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
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