Swiss Re announced a $2 billion longevity reinsurance transaction on March 17, 2026, in Zurich. The agreement marks the company’s first longevity reinsurance transaction covering US retirees and expands its presence in the global longevity risk transfer market. Athene participated as the counterparty as part of its standard risk management activities.
The transaction reflects Swiss Re’s continued involvement in longevity risk solutions. According to Michael Bacon, Managing Director and Head of US Globals and Transactions at Swiss Re, the company’s financial strength and structuring experience support Athene’s efforts to protect policyholders’ pension income in retirement. He added that the agreement demonstrates Swiss Re’s commitment to delivering tailored longevity risk solutions to retirement services providers.
Longevity reinsurance allows pension providers and insurers to meet their obligations to beneficiaries, particularly when individuals live longer than expected. As life expectancy increases, these arrangements help manage the financial risks associated with extended payout periods.
Swiss Re has participated in the longevity risk transfer market for nearly 20 years. During that time, the company has completed more than 30 transactions across the UK, the Netherlands, Singapore, and Australia. These transactions have covered more than $50 billion in pension benefits and more than 1 million retirees.
The longevity segment continues to play a significant role in Swiss Re’s business. In 2025, it accounted for 17% of insurance revenue, making it the second-largest segment within the company’s Life & Health Reinsurance division.
At the same time, the broader market continues to shift. Defined benefit plan sponsors are increasingly transferring pension liabilities to insurers. As a result, demand for longevity risk transfer solutions remains a key focus for the industry.
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 70 offices globally.
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