Life insurer Just Group has announced it has completed a £500m full scheme buy-in for the scheme of an unnamed international industrial services business.
Just said it has also taken the opportunity to reinsure approximately 50% of the liabilities in the scheme, this being its second de-risking (DB) partner transaction.
The DB was achieved through a funded reinsurance arrangement with a new reinsurance partner and underlines the Group’s commitment to grow its new business with low capital strain, Just noted.
The full scheme buy-in insures around 3,000 pensioners and 1,800 deferred members.
According to Just, this is the largest single transaction it has completed since its entry into the market in 2012.
David Richardson, Group Chief Executive, said: “We are very pleased to have been selected by the trustees to secure the member benefits of this large pension scheme.
“As the highest single value transaction our DB business has completed to date and with the involvement of a new reinsurance partner, the deal demonstrates our capability to provide innovative solutions across the DB market.”
The insurer DB team has completed 14 deals in the first six months of 2022, albeit with a smaller average transaction size compared to 2021, Richardson noted.
He added: “We are currently quoting on over £5bn of deals and the broader DB market is very active.
“This healthy new business pipeline and positive momentum, fuelled by the deal we are announcing today, and supported by our strong capital position, give me confidence that we will meet or exceed our growth ambitions in 2022 and beyond.”
