Aviva has joined the Life & Longevity Markets Association as a full member, bringing its membership to 11.
The other members are Axa, Deutsche Bank, J.P. Morgan, Legal & General, Morgan Stanley, Pension Corporation, Prudential, RBS, Swiss Re and UBS.
The LLMA was formed to promote the development of a liquid traded market in longevity and mortality-related risk, of the type that exists for insurance linked securities, and other large trend risks like interest rates and inflation.
Craig Thornton, chief risk officer at Aviva, says: "Aviva has watched with great interest the considerable work done by the LLMA to bring forward a liquid traded longevity market since its launch. We believe that we can only become an active participant in such a market if we are involved in its genesis, and for that reason we have made the considerable commitment of taking on full membership of the LLMA."
Pretty Sagoo, project leader in the LLMA Technical Committee and director in the longevity markets group at Deutsche Bank, adds: “We welcome Aviva to membership of the LLMA. The admission of an increasingly diverse group of leading insurers, reinsurers and banks as members demonstrates the growing breadth of interest in this field, and further supports us in our efforts to deliver a true longevity market.”
