A PRESS RELEASE BY

Munich Re, Canada (Life)

Munich Re North America Life Launches Longevity Reinsurance Solution to US and Canada Markets

September 18, 2024

Flexible and comprehensive offering addresses strong demand for biometric risk management in pension and annuities markets

Toronto (Sept. 18, 2024) – Munich Re North America Life has announced a new offering--longevity reinsurance--aimed at allowing clients to accumulate assets while transferring biometric risk. Clients can pass on longevity risk by converting uncertain future pension or annuity payments into a fixed cash flow stream, locking in mortality assumptions and a fee at inception. With the increased reserve and capital requirements for longevity risks, and further changes coming in the US, insurers and asset reinsurers can leverage Munich Re’s strong balance sheet and deep mortality expertise. 

“We believe there is significant, untapped demand for longevity reinsurance in the US and Canada markets and we are well positioned to meet it,” said Mary Forrest, President and CEO of Munich Re North America Life. “We are known for applying our scale, capacity, and insight to solve complex client challenges in ways that enable them to grow their businesses. We look forward to partnering with clients to evaluate the impact of longevity reinsurance and to designing a customized approach that supports their specific goals.”

Munich Re North America Life includes Munich Re Life US and Munich Re, Canada (Life), which have served the US, Canada, Bermuda and Caribbean markets for 65 years. With the pension risk transfer market growing alongside elevated interest rates, and with insurers seeking to balance mortality and longevity risks, this capability can complement a variety of risk management strategies. Munich Re’s team of experts in North America can support successful longevity transactions through specialized actuarial, risk and legal knowledge as well as unparalleled data-based insights on mortality assumptions.

“We are now among the few reinsurers offering longevity reinsurance to the North American market,” added Forrest. “In addition to our decades of expertise here in mortality risk assessment, we bring a global perspective and practical knowledge via Munich Re Group’s significant experience executing longevity transactions in Europe.” 

For further information, visit our web page: Munich Re, Canada (Life)

Munich Re, Canada (Life): Munich Re, Canada (Life), a full-service branch of Munich Re Group, is a leading reinsurer in Canada with a significant market presence in all lines of life and health reinsurance.  Munich Re is committed to servicing the Canadian market from our offices in Toronto and in Montreal as well as our clients in the Caribbean and surrounding regions. Leveraging a rich legacy spanning over 140 years and a track record of profound risk expertise, we are focused on driving digital transformation and innovation throughout the insurance value chain – all with the goal of bringing unique value to our insurance partners and transforming the customer experience.  

Munich Re Group: Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients’ business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2023 financial year, Munich Re generated insurance revenue of €57.9bn and a net result of €4.6bn. The Munich Re Group employed about 43,000 people worldwide as at 31 December 2023.

The PRESS RELEASES are provided by industry actors and are independent from our editorial line.