News

MMC UK Pension Fund's first longevity swap transaction to include active members, under incorporated cell Fission Gamma IC Limited, will cover approximately £2 billion in liabilities for 14,500 pensioners, deferred and active defined benefit members. Fission Gamma, a new Guernsey-based incorporated cell, was created to insure the longevity risk of the fund and to reinsure this risk with leading global re-insurer Munich Re. Insuring longevity risk in this way enables the fund to protect itself financially against longevity risk.

MMC UK Pension Fund's first longevity swap transaction to include active members, under incorporated cell Fission Gamma IC Limited, will cover approximately £2 billion in liabilities for 14,500 pensioners, deferred and active defined benefit members. Fission Gamma, a new Guernsey-based incorporated cell, was created to insure the longevity risk of the fund and to reinsure this risk with leading global re-insurer Munich Re. Insuring longevity risk in this way enables the fund to protect itself financially against longevity risk.

The latest UN Emissions Gap Report has shown that rising greenhouse gas emissions mean global warming is unlikely to keep within the 1.5C threshold. This news, released by the UN environment programme, highlights the emissions gap and underscores the importance of investing in the transition of greenhouse gas heavy industries such as food production.

A delegation from Guernsey Finance, comprising Chief Executive Rupert Pleasant, Head of Strategy and Sustainable Finance Stephanie Glover, Communications Director Rosie Allsopp and Middle East Representative Aaron Russell-Davison, will attend the COP28 conference in Dubai at the beginning of December.  The delegation will join representatives of the States of Guernsey and Guernsey’s regulator, the Guernsey Financial Services Commission (GFSC). Guernsey Finance’s representatives will discuss how the finance sector can support a transition to net zero and a more resilient future, the importance of balanced regulation to support environmental actions, and more.

South African institutions have a history of developing international investment policies in the form of endowments, stemming in part from an increasingly global client base. These are international insurance wrappers assisting policy holders with, amongst other things, inheritance tax and succession planning. One of the domiciles of choice for these policies is Guernsey.