David Lang is a vice president within Prudential’s International Reinsurance business, charged with leading transaction-related activities in the global reinsurance market. Most recently, David was the primary deal lead for three transactions completed in the second half of 2019, providing reinsurance of longevity risk for 15 billion USD worth of annuity and group pension risk to the UK primary insurer market and captive-based longevity market.
David joined Prudential Retirement in 2000 and held various positions within the Retirement Plans Strategies Group, where he provided Pension Consulting to U.S. corporate pension plan sponsors. In 2008, David joined Prudential’s Pension Risk Transfer team.
David was a principal member of the core team that completed the first U.S. pension buy-in transaction, a $75 million agreement with Hickory Springs Manufacturing Company. David’s primary focus since 2009 has been the development and expansion of Prudential’s pension risk management capability through longevity reinsurance. David has participated in numerous international reinsurance agreements since 2010, covering the pension liability risk of such firms as British Airways and Rolls-Royce.
In 2019 David led the HSBC captive transaction covering almost $9 billion of pensioners. In 2014, David was a key member of the team that executed the largest and most innovative longevity reinsurance agreement on record, a $27.7 billion transaction with the BT Pension Scheme.
Dave holds a bachelor’s degree with a focus in actuarial science from Bryant University. He is an Associate of the Society of Actuaries and a Member of the American Academy of Actuaries.
Pension and medical risk transfer products are insurance products issued by The Prudential Insurance Company of America (PICA), Newark, NJ, a wholly owned subsidiary of Prudential Financial Inc. (PFI). PICA is solely responsible for its contractual and financial obligations. Guarantees are dependent on the claims-paying ability of PICA and are subject to certain terms, conditions, and limitations.
Certain insurance products used to transfer pension risk, including PICA’s Portfolio Protected Buy-Out and Portfolio Protected Buy-In, may utilize a separate account established by PICA, in which case, premium paid to PICA under the group annuity contract is deposited into a separate account. The payment obligations specified in the group annuity contracts for such products are insurance claims supported by the assets in the separate account, and if such assets are not sufficient, by the claims-paying ability of PICA, subject to certain terms conditions, and limitations.
This material is intended for informational purposes only. Before entering into a transaction or pursuing a strategy of the types described herein, you should consider the suitability of the transaction or strategy to your particular circumstances and independently review (with your professional advisors as necessary) the specific financial risks as well as the legal, regulatory, investment, credit, tax, and accounting consequences.
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Reinsurance products are issued by PICA. Neither PICA nor its parent company PFI, headquartered in the United States, is affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. PICA is solely responsible for its financial condition and contractual obligations. PICA is not authorized or regulated by the U.K. Prudential Regulation Authority or regulated by the Financial Conduct Authority, nor does it offer insurance or reinsurance in the United Kingdom. PICA is not authorized or regulated by the Office of Superintendent of Financial Institutions for Canada or by the Financial Services Commission of Ontario. PICA is not authorized or regulated by supervisory authorities in the European Economic Area (EEA). PICA provides insurance products for U.S. pension plans in the United States and off-shore U.K. reinsurance to companies that have acquired U.K. pension risk through transactions with U.K. plan sponsors.
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