Club Vita and Longitude Exchange will work together to improve the efficiency and transparency of the longevity risk transfer market.
According to a statement, the two companies are collaborating to integrate Club Vita’s longevity risk classification services into the Longitude Exchange’s digital platform.
Douglas Anderson, Founder and Visionary Director of Club Vita, said it was exciting to launch Longitude Exchange.
He added: “We have long believed that an effective way to set and trade longevity risk will become essential to increasing market capacity. This will be key to enabling more pension schemes and insurers to transfer and manage their longevity risk and ultimately improve the financial security of retiree populations around the world.
He continued: “We are now seeing strong demand for longevity risk transfer and increased interest in parametric forms of structuring contracts.
A lot has happened at Club Vita in recent weeks. The company recently consolidated its three separate businesses in the UK, US and Canada into a single entity.
As Reinsurance news writing at the time, the company uses postal codes and other characteristics of defined benefit pension plan participants to capture the diversity of life expectancies and help plan sponsors make more informed decisions about financing and risk management.
Club Vita now has more than 50 employees and maintains relationships with 400 pension funds, 7 pension advisory firms and 25 insurers worldwide.