Abbey Life, which is owned by Deutsche Bank, has agreed to take over the longevity risks (that is, the risk of pensioners living longer than actuarially expected) of nearly £3bn of pensions liabilities from BMW's UK pension scheme.

This is one of the largest UK longevity insurance deal to date and could realistically only take place with the extra capacity provided by reinsurers assuming much of the risk.

The Norton Rose insurance team acted for one of the reinsurers on this deal.