Bedell Cristin acts in ground breaking longevity structure02 Mar 2015
Bedell Cristin has assisted Artex Risk Solutions and PwC in the creation of a new regulated insurance platform structured as an ICC (Iccaria Insurance ICC Limited).
Iccaria will enable pension schemes to access the reinsurance market to transfer longevity risks in their scheme membership profiles by utilising individual, regulated insurance ICC cells. Following on from recent exciting developments in Guernsey involving the reinsurance of the BT pension scheme (the largest ever longevity reinsurance transaction at £16 billion), this is the latest development in a growing market for reinsurance solutions aimed at managing problems faced by pension trustees as a result of changing longevity and pension investment profiles. Unlike other structures, Iccaria is unique, with Bedell Trust also acting as independent trustee of the ICC. This gives the Iccaria structure independence and transparency from conflicts with its associated professional advisers and administrators, which is often an important consideration for pension scheme trustees.
Guernsey managing partner, Advocate Mark Helyar said:
“This is a really interesting period of development for our insurance sector – world leading innovations are exactly what is needed to stay ahead in a highly competitive international marketplace, and Guernsey is now the clear leader in pension longevity and reinsurance structuring. The counterparties involved in this structure are once again of the highest calibre and we are very proud to have played a leading role in bringing this new product to market”.