LONDON, 15 December 2022 – Aon plc (NYSE: AON), a leading global professional services firm, has announced that it was the lead adviser to the Barclays Bank UK Retirement Fund (UKRF) on its £7 billion longevity transaction with reinsurance provided by an insurance subsidiary of Prudential Financial, Inc. (PFI) (NYSE: PRU) of the United States.
This is the UKRF’s second multi-billion-pound longevity transaction, following the £5 billion transaction executed with the Reinsurance Group of America (RGA) in December 2020.
Tom Scott, partner in Aon’s Risk Settlement team, said:
“This transaction is a further substantive step in the Trustee’s journey to improve the resilience and security of UKRF members’ benefits. Working closely with Kate McInerney’s legal team at Allen & Overy, our multi-disciplinary team was able to conclude a successful negotiation for the UKRF. We leveraged the heightened capacity and appetite of the global reinsurance market during the broking process, as well as the UKRF’s existing operational infrastructure and longevity transaction experience.”
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.
Follow Aon on Twitter and LinkedIn. Stay up-to-date by visiting the Aon Newsroom and sign up for News Alerts here.
PFI (NYSE: PRU), a global financial services leader and premier active global investment manager with more than $1.3 trillion in assets under management as of September 30, 2022, has operations in the United States, Asia, Europe, and Latin America.
PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
Reinsurance contracts are issued by an insurance subsidiary of PFI, Newark, N.J., 07102. That insurance subsidiary issued the reinsurance from the U.S. and is not a U.K. authorized insurer and does not conduct business in the United Kingdom or provide direct insurance to any individual or entity therein.
+44 (0)7801 748138
+44 (0)7870 487532