A&O advises on multi-billion longevity transaction for Barclays Bank UK Retirement Fund
15 December 2022
Allen & Overy LLP has advised the Barclays Bank UK Retirement Fund (UKRF) on its GBP7bn longevity transaction, with reinsurance provided by an insurance subsidiary of Prudential Financial, Inc. (PFI) (NYSE: PRU) of the United States.
Kate McInerney, partner in Allen & Overy LLP’s insurance team, said:
“This longevity transaction will further enhance the security of UKRF members’ benefits. We’re proud to have advised the Trustee on this transaction working alongside the Aon Risk Settlement Team, led by Tom Scott.”
PFI (NYSE: PRU), a global financial services leader and premier active global investment manager with more than USD1.3 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 UK authorized insurer and does not conduct business in the United Kingdom or provide direct insurance to any individual or entity therein.