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CMS advises SCOR on a landmark North-American longevity transaction

05/03/2015

CMS in London has successfully acted for SCOR Global Life (“SCOR”) in connection with the $5 billion CAD insurance longevity insurance transaction with Sun Life Assurance Company of Canada (“Sun Life”) covering benefits in payment for pensioners who are members of the Bell Canada pension plan. The risk associated with increasing longevity is transferred from Bell Canada’s pension scheme to Sun Life and two reinsurers.

This is the first transaction of its kind in Canada and the first that SCOR has underwritten in the North-American market, following SCOR’s numerous successes in the UK market and in the Netherlands.

The CMS team was led by James Parker and Mike Munro, the co-heads of the CMS Life, Pensions and Longevity Risk Team, with assistance from Lisa Brown and Jenny Nanalal.

Commenting on the transaction, James Parker said: “We are delighted to have been able to assist SCOR as it delivers on its global strategy. We were privileged to advise SCOR on its entry into the UK longevity market in 2011 (Rolls Royce Pension Scheme) and we have partnered with SCOR on all of its subsequent longevity transactions, including the Aviva UK Pension Scheme and the index-based solution in the Netherlands in 2013. This transaction with Sun Life is the first of its kind in North America and it further consolidates SCOR’s reputation as an innovator in the longevity market.”

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Portrait ofJames Parker
James Parker
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London