Abbey Life Assurance News

ScottishPower Hives Off 2 bln stg in Longevity Risk to Abbey Life

ScottishPower, a unit of Spanish energy company Iberdrola, and its pension scheme trustee said on Monday that they had agreed a 2 billion pound ($3.05 billion) longevity swap deal with Abbey Life Assurance. The deal with Abbey Life, a subsidiary of Deutsche Bank , hedges the risk that around 9,000 scheme members and their dependants live longer than expected, the company said in a statement. "We are extremely satisfied with the completion of this hedge at an attractive price…