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.

Key Contacts

Brad Adderley

Managing Partner: Bermuda

T +1 441 298 3243
E Email Brad

Share
Twitter LinkedIn Email Save as PDF
More Deals
11 May 2022 | Deals

Appleby Bermuda Advised Relm II In Its Incorporation And Registration To Provide Reinsurance Capacity In The Crypto Space

Appleby served as Bermuda counsel to Relm Insurance II Ltd. (Relm II) in connection with its incorpo...

5 May 2022 | Deals

SkyRidge Re team wins ‘Life Transaction of the Year’ at the Trading Risk Awards 2022

Congratulations to the SkyRidge Re team for winning ‘Life Transaction of the Year’ at the Tradin...

19 Apr 2022 | Deals

Appleby Bermuda Advised Swiss Re In Innovative USD1.15bn Transaction Combining Bank Financing And Insurance-Linked Securities

Appleby acted as Bermuda counsel to Swiss Re, a leading wholesale provider of reinsurance, insurance...

4 Mar 2022 | Deals

Appleby Bermuda advised S&P Global in its USD 140 billion merger with IHS Markit

Appleby acted as Bermuda counsel to S&P Global, the world's foremost provider of credit ratings,...

2 Feb 2022 | Deals

Appleby acted as Bermuda counsel to Integral ILS in relation to its USD 1.4 billion in total investor commitments

Appleby acted as Bermuda counsel to Integral ILS Ltd., the independent Insurance-Linked Securities (...

Contributors: Matthew Ebbs-Brewer
10 Dec 2021 | Deals

Appleby Bermuda advised ST Energy Transition on its USD250 million ESG-related SPAC IPO

Appleby acted as Bermuda counsel to ST Energy Transition I Ltd. (the “Company”) on its USD250 mi...

19 Nov 2021 | Deals

Appleby Bermuda advised Wejo, a global leader in connected vehicle data, in its USD1.1 billion merger with Virtuoso Acquisition

Appleby advised Wejo Group Limited, Wejo Bermuda Limited and Wejo Limited on matters of Bermuda law ...

27 Oct 2021 | Deals

Appleby Bermuda advised Santacruz Silver Mining in its acquisition of Glencore’s producing Silver Mines in Bolivia

Appleby acted as Bermuda counsel to Santacruz Silver Mining Ltd. ("Santacruz"), a Canadian mining co...

6 Oct 2021 | Deals

Appleby advised on Ledger’s ILS Nanorock Fund

Appleby Bermuda advised Ledger on the launch of their casualty insurance-linked securities fund, Nan...

21 Jul 2021 | Deals

Appleby Bermuda acted for UK’s largest special motor insurer

Appleby Bermuda acted for the UK's largest special motor insurer and Lloyds's underwriter ERS Insura...