London — Mayer Brown announced today the launch of its UK Pensions Risk Transfer group, which provides market-leading, commercial advice to clients seeking to secure bulk annuity insurance and transfer longevity risk.
The new group draws on the experience of a multi-disciplinary team of lawyers to advise clients on the acquisition of bulk annuity insurance and the transfer of longevity risk to the (re)insurance sector or capital markets through insurance longevity swaps and other structured products.
The team combines the strength and experience of lawyers from the firm’s (re)insurance, pensions, regulatory, corporate and derivatives and structured products groups to deliver joined-up advice on complex issues.
Mayer Brown's Insurance industry practice is a global leader, representing nearly 400 insurers and insurance-related entities across Europe, the Americas and Asia. The firm also has one of the largest Pensions practices in the UK, working with trustees of pension schemes associated with many FTSE 100/250 companies, and a large number of the UK’s top pension schemes by asset value.
The formation of the UK Pensions Risk Transfer group builds on Mayer Brown's ongoing work on pensions risk transfer transactions. Most recently, the firm represented the trustees of the National Grid Electricity Group of the Electricity Supply Pension Scheme on a fully intermediated longevity swap transaction with Zurich, covering pension liabilities worth more than £2 billion.
Jane Childs, Head of the UK Pensions Risk Transfer group at Mayer Brown, said: "Among our trustee clients, we have seen a marked increase in appetite to understand how bulk annuities and insurance longevity swaps can be used to manage longevity risk. The new group formalizes our integrated, cross-practice approach to the market and ability to provide commercial solutions to the challenges that our clients face in this area. I'm looking forward to working even more closely with my colleagues across the firm in future transactions."