RSA: anatomy of a longevity swap

The long game


Longevity is a concept that RSA is more familiar with than most. The result of numerous mergers and rebrands over the years, the insurer was set up in 1710 and is now the oldest such firm still trading under its original name. Fast forward three centuries and the London-based insurer was face to face with one of the downsides of having a long history - in 2002, it was closed to new members when its defined benefit pension scheme was under the water to the tune of £300 million, on an FRS