Awards 2010: Deal of the year: Deutsche Bank: BMW

 

Banks have so far failed to come up with a capital markets solution for hedging longevity risk, but that did not stop Deutsche Bank, via its Abbey Life insurance arm, hedging life expectancy risk on almost £3 billion worth of liabilities for car manufacturer BMW’s UK operations pension scheme. The insurance transaction, completed in February, related to around 60,000 pensioners. It removes the majority of BMW’s UK pension scheme’s longevity liability, although the firm does still retain an

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