Clifford Chance

Clifford Chance advises Swiss Re on GBP 1.4bn longevity insurance cover for Akzo Nobel's UK pension fund

International law firm Clifford Chance has advised Swiss Re on a GBP 1.4bn longevity insurance contract covering Akzo Nobel's UK company pension obligations. The contract sees Swiss Re offer protection for Akzo from the risk of having to fund increasing deficits in the defined benefit scheme if UK employees live longer than forecast.

Clifford Chance is a long-standing adviser to Swiss Re, advising the Swiss Re longevity team on an earlier longevity swap transaction with the Royal County of Berkshire pension fund. The firm also recently advised Deutsche Bank on their ground breaking longevity transaction for Rolls Royce, which was executed in derivative and form placed into the reinsurance market.

Contacts Katherine Coates (lead partner), Carol-Ann Burton (senior associate) and Jenny Nanalal (associate) advised on structure and insurance aspects. Hywel Robinson (partner), Sarah Mills and Mathew Preston (senior associates) advised on pensions matters. Andrew Coats (partner) and Adam Slezak (senior associate) advised on collateral arrangements.