PIC reinsures £400m of longevity risk with Munich Re

Pension Insurance Corporation (PIC) has reinsured a further £400m tranche of longevity risk with Munich Re, taking the amount of longevity risk that PIC has reinsured during 2012 to £1bn.

Over the last four years PIC has reinsured longevity risk formerly associated with 17 different DB schemes and covering around £4bn of pension insurance business.

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