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Portrait ofMike Munro

Mike Munro


CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
United Kingdom
Languages English

Mike Munro is a consultant that works with the CMS Financial Services and Products team, specialising in transactional (re)insurance and alternative risk transfer. 

He works with a diverse range of financial institution clients (including major (re)insurers, investment banks and captives) involved in domestic and international risk transfer markets, typically on matters at the interface between the insurance and capital markets. 

Mike's expertise encompasses both non-life and life risks, with particular experience of pensions and annuity de-risking transactions (including longevity swaps in both derivative and (re)insurance form) and associated collateral and credit support structures.  

With nearly 25 years’ experience of the insurance and wider financial services sector, he is acknowledged as a leader in Euromoney's "Guide to the World's Leading Insurance and Reinsurance Lawyers” and recommended in the Legal 500 (2015) for Derivatives and Structured Products.

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Relevant experience

  • Pension Insurance Corporation on a GBP 1.6bn longevity reinsurance agreement with the Prudential Insurance Company of America (PICA) covering in-payment lives across 74 pension schemes – a transaction described as representing “another milestone for the longevity reinsurance market”.
  • A major international reinsurer on a collateralised longevity transaction with a leading UK life insurer in respect of an GBP 800m portfolio of in-payment annuities.
  • Pension Insurance Corporation on its GBP 1.6bn collateralised buy-in with the Trustee of the Total UK Pension Plan and associated reinsurance arrangements – noted as a “standout transaction” in the FT Innovative Law Firm Awards 2015.
  • A leading global reinsurer on the development and implementation of master collateral, security and close-out netting arrangements with a major UK insurance company in respect of underlying longevity reinsurance arrangements.
  • A leading global investment bank on the eligibility of credit insurance products for recognition as risk mitigation techniques under CRD IV.
  • SCOR Global Life on its provision of longevity reinsurance to Sun Life of Canada in respect of an underlying CAD 5bn transaction in respect of the Bell Canada pension plan – the first such transaction to be concluded in the Canadian market.
  • A global investment bank on numerous transactions involving the use of insurance and demand guarantee products for credit risk hedging purposes.
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  • 1990 – MA (Jurisprudence), Worcester College, Oxford
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The CMS Life Pension and Longevity Risk Team has advised Pension Insurance Corporation (“PIC”), the UK’s leading specialist pension risk insurer, on a £1.6bn pension buy-in transaction with the...
Life, pensions & longevity risk
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Life Sector Group Clients and Market Update (CMS only - Internal material)
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European life undertakings, longevity risk and Solvency II
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