This new HSBC deal is the first that sees a bank offloading the longevity risk associated with its pension plan members, which could suggest a broadening of appeal for these deals.

The longevity swap and risk transfer transaction have been structured as an insurance contract, utilising an HSBC-owned captive insurance vehicle domiciled in Bermuda and onwards reinsurance to PICA. The captive allowed HSBC to directly access the longevity reinsurance market which should result in substantial savings for the bank.

Partner Gary Harris led this transaction, with assistance from Partner Brad Adderley and Associate Shannon Cann.

Appleby’s specialist Insurance & Reinsurance team provides advice on the establishment, regulatory compliance and business operations of (re)insurance companies, as well as advising (re)insurance managers and brokers based in international jurisdictions.

They specialise in advising on the establishment, regulatory compliance and business operations of (re)insurance companies, as well as (re)insurance managers and brokers based in international jurisdictions. They advise private and listed companies, including major New York and London finance houses, as well as FTSE 100 and Fortune 500 household names.

Share
Twitter LinkedIn Email Save as PDF
Key Contacts

Brad Adderley

Partner: Bermuda

T +1 441 298 3243
E Email Brad

More Deals
22 Jan 2020 | Deals

Appleby advises AXIS Capital in its 2020 issuance of insurance and reinsurance linked notes

Our insurance team advised AXIS Capital, the Bermuda-headquartered global (re)insurer, in its 2020 i...

Contributors: Laura Burns
15 Jan 2020 | Deals

Appleby Bermuda acted as counsel to Matterhorn Re Ltd., on the launch of its first catastrophe bond of 2020 under the sponsorship of Swiss Re

Matterhorn Re Ltd., registered as a Special Purpose Insurer in Bermuda, has via a segregated account...

Contributors: Josephine Noddings
15 Jan 2020 | Deals

Appleby Bermuda advised Sierra Ltd., the vehicle used by Bayview Asset Management, LLN in its first ever ILS transaction

Appleby Bermuda acted as counsel to Sierra Ltd. in connection with its offering of USD 150 million S...

Contributors: Josephine Noddings
10 Jan 2020 | Deals

Appleby acted as Bermuda counsel to AkinovA leading up to the completion of a ‘first of its kind’ parametric cyber risk transfer

Appleby’s insurance team acted as Bermuda counsel to AkinovA on all matters leading up to the comp...

8 Jan 2020 | Deals

Appleby Bermuda advised Sumitomo Dainippon Pharma in its USD 3 Billion acquisition of five biopharmaceutical companies

Our Bermuda team advised Sumitomo Dainippon Pharma, a leading Japanese pharmaceutical company in res...

Contributors: Jamie Rego
19 Dec 2019 | Deals

Appleby acted as Bermuda counsel to AccorInvest Group

Appleby acted as Bermuda counsel to AccorInvest Group in connection with the sale of its Fairmont So...

27 Nov 2019 | Deals

Appleby advised T&D Holdings on USD 1.8 Billion joint acquisition with Carlyle Group of AIG’s Fortitude Re

Appleby advised T&D Holdings on all Bermuda law issues relating to the purchase of a 25% stake in Fo...

15 Oct 2019 | Deals

Appleby Bermuda acted for sellers of Sandell Holdings Ltd.

Appleby was instructed by the shareholders of Sandell Holdings Ltd. in connection with the sale of t...

Contributors: Josephine Noddings
4 Oct 2019 | Deals

Appleby Bermuda advised on Southern Cross NEXT subsea cable project

Appleby advised the Southern Cross Group of Bermuda companies in respect of all aspects of Bermuda l...

Contributors: Andrew Kuzma, Sarita Ebbin
3 Oct 2019 | Deals

Appleby acts in Artex/Horseshoe Transaction

Appleby acted as counsel to the sellers of Horseshoe Insurance Services Holdings Ltd. in connection ...