Swiss Re has completed a $2 billion longevity reinsurance transaction covering US retirees, marking its first deal of this kind in the United States and extending its presence in the global pension risk transfer market.
The transaction was executed with Athene as counterparty, as part of the insurer’s ongoing risk management strategy.
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The deal builds on Swiss Re’s established longevity reinsurance portfolio across markets including the UK, Netherlands, Singapore and Australia, where it has been active for nearly two decades.
Longevity reinsurance allows pension providers and insurers to hedge the risk of policyholders living longer than expected, helping ensure retirement income obligations can be met even as life expectancy increases.
To date, Swiss Re has completed more than 30 such transactions globally, covering over $50 billion in pension liabilities and more than one million retirees.
The move into the US market comes amid increasing demand for longevity risk solutions, particularly as defined benefit pension plan sponsors continue to transfer liabilities to insurers.
This structural shift has created additional demand for reinsurance capacity, with reinsurers playing a key role in absorbing long-term demographic risk.
Swiss Re said longevity business accounted for 17% of its Life & Health reinsurance revenue in 2025, making it the second-largest segment within the division.
Michael Bacon, head of US globals and transactions at Swiss Re, said the deal reflects the reinsurer’s focus on supporting retirement providers with tailored risk solutions.
“Swiss Re's financial strength and structuring experience support Athene's mission to protect policyholders' pension income in retirement,” he said.
The transaction highlights the growing importance of longevity reinsurance as insurers and pension providers respond to demographic trends and increasing life expectancy, particularly in large and developing markets such as the US.
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