Matching adjustment repack structures revealed

Public company filings show details of Aviva’s single senior note structure, L&G’s £6 billion forex repack

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In the final days of last year, several UK insurers rushed plans to their regulator, the Prudential Regulation Authority (PRA), to transform assets that would not qualify for Solvency II's matching adjustment (MA) into assets that would.

Submissions of these repackaging transactions – or 'repacks' – were the end product of a three-year industry debate about how ineligible assets should be treated, punctuated by a UK Treasury intervention and an unexpected regulatory U-turn.

Confusion had threate