Verizon transfers $5.9 billion in Pension Liabilities to Prudential and the Reinsurance Group of America

Verizon has completed another pension risk transfer deal, this time transferring $5.9 in pension liabilities to two companies: Prudential Financial Inc, and the Reinsurance Group of America (RGA). The deal affects 56,000 retirees. Each insurer will assume 50% of the obligation to most of the retirees affected.

The deal reduces Verizon’s pension liabilities by over a third. Prudential has completed four of the six largest pension risk transfers on record.

You can read Prudential’s press release here.