Canada Life Reinsurance, a provider of innovative reinsurance solutions worldwide, has entered into a long-term reinsurance agreement to cover the longevity risk on £1.7 billion in liabilities for approximately 7,500 pensioner members of the Marsh & McLennan Companies (MMC) UK Pension Fund.

The transaction was written by the Barbados branch of Canada Life via a reinsurance agreement with captive insurance cells managed by Marsh Guernsey.

Canada Life is part of a group of companies owned by Great-West Lifeco Inc., a diversified financial services holding company in Winnipeg, Canada. It offers a range of risk and capital management solutions that cover mortality, longevity, health and lapse risk for insurers, reinsurers and pension funds across the US and Europe.