Reinsurance News
bulk annuity
Fitch anticipates surge in UK life insurers’ bulk annuity sales and funded re
22nd April 2024
Fitch Ratings anticipates UK life insurers’ bulk annuity volumes to continue rising in 2024, surpassing £60 billion, with funded reinsurance (funded re) becoming increasingly prevalent. In 2023, bulk annuity sales reached a record high of nearly £50 billion, reflecting a remarkable increase of over £20 billion compared to 2022. Fitch explains, “Demand ... Read the full article
Aviva completes £140m bulk annuity deal with Guilbert UK Retirement Benefits Plan
17th January 2024
Aviva has announced the completion of a £140 million bulk purchase annuity full scheme buy-in transaction with the Trustee of the Guilbert UK Retirement Benefits Plan. Aviva has insured the Plan liabilities for around 1,500 members, removing the investment and longevity risk of these members from the Plan. The firm said that ... Read the full article
BoE to keep funded reinsurance under review
12th January 2024
In a letter to Chief Executive Officers (CEOs), the Bank of England (BoE) has said that it continues to "pay close attention to the role of funded reinsurance in the UK life market," amid continued growth in the country's life insurance sector and strong demand in the bulk purchase annuity ... Read the full article
London’s Pension Insurance Corp reportedly a target for large private equity firms
15th December 2023
The Financial Times has reported that Apollo, Carlyle, and KKR are all exploring bids for London-based Pension Insurance Corporation (PIC) ahead of the deadline, citing people familiar with the matter. Earlier this year, PIC announced a record £6.5 billion UK pension buy-in deal with the RSA UK Pension Trustees. It's ... Read the full article
Record-breaking numbers in bulk annuity market attracting new insurers: Hymans Robertson
29th November 2023
A number of new insurers are expected to enter the bulk annuity market, attracted by the record-breaking numbers and volumes of transactions, according to a new report from Hymans Robertson. The firm observed that transaction records in the risk transfer market are expected to be broken in 2023 and the years ... Read the full article
Brookfield considering move into UK pension insurance market
17th October 2023
Brookfield Reinsurance is considering entering Britain's pension insurance industry and is "open to an acquisition to bolster growth," according to a new report from Reuters. Citing people familiar with the matter, Reuters said that Brookfield's reinsurance affiliate is "scanning the market for potential deals to access the bulk annuities space, where ... Read the full article
UK bulk annuity market to experience a record-breaking 2023: Aon
3rd October 2023
2023 is expected to be a record-breaking year for the UK bulk annuity market, surpassing the previous peak of £43bn, as it has already seen £21.1bn of business in HY1 which reflects a record first half year, said Aon in a recent report. According to Aon’s data, the latest figure is ... Read the full article
PIC completes its second buy-in of the Qantas Airways pension scheme for £40m
24th July 2023
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has announced that it has concluded a c.£40 million bulk purchase annuity with the Qantas Airways Limited (UK) Retirement Benefits Scheme - the pension scheme of Qantas Airways Limited, as part of a long-term partnership. This marks the ... Read the full article
Record £25bn of bulk annuity transactions anticipated in H1 2023: Hymans Robertson
20th July 2023
“Busyness in the Risk Transfer market is at an all-time high, with around £25bn of bulk annuity transactions expected to be secured in the first half of 2023. To deal with this level of activity and to enable them to secure a successful transaction, the way in which pension schemes ... Read the full article
LCP facilitates £90 million bulk purchase annuity transaction
17th July 2023
London-based pension consultancy firm, Lane Clark & Peacock (LCP), has successfully advised on a significant £90 million bulk purchase annuity transaction between Just and the Hammerson Group Management Limited Pension and Life Assurance Scheme. The completion of this transaction in December 2022 marks a crucial milestone in the Scheme's journey towards ... Read the full article
UK L&H insurers to benefit from “booming” bulk annuity market in 2023: Moody’s
29th March 2023
Analysts at Moody's have suggested that the UK's Life & Health insurers will continue to benefit from sustained bulk purchase annuities (BPA) growth at still attractive margins in 2023 and beyond. According to the analysts, BPA transfers have strengthened insurers' earnings in the past, and are set to help offset lower ... Read the full article
Intact, RSA & PIC announce record £6.5bn UK pension buy-in
27th February 2023
Intact Financial Corporation has announced that the RSA UK Pension Trustees have entered into an agreement with Pension Insurance Corporation (PIC) for Bulk Purchase Annuities with respect to £6.5 billion of RSA UK pension plan liabilities. According to Intact, the buy-ins fully insure the defined benefit liabilities of the Royal Insurance ... Read the full article
2022 expected to be second largest ever year for UK bulk annuities: RBC
7th April 2022
2022 is forecasted to be the second largest ever year for UK bulk annuities, with volumes of £41 billion, according to analysts at RBC Capital Markets. The analysts stated they expect this will be followed by 2023 and 2024 record volumes of £45 billion and £48 billion respectively, with UK listed ... Read the full article
Aviva inks £190mn bulk annuity deal
28th May 2021
London headquartered insurer Aviva has completed a £190 million bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme. The sponsoring employer, John Wyeth & Brother Limited, is part of the Pfizer Group, one of the world’s largest biopharmaceutical companies. Aviva will insure the defined ... Read the full article
L&G secures £544mn bulk annuity transaction with Evonik
19th January 2021
Legal & General has agreed a £544 million full buy-in of four pension schemes sponsored by Evonik UK Holdings. The deal secures the benefits of over 3,600 UK defined benefit pension scheme members and facilitates the merger of the four schemes as part of the de-risking process. L&G has an existing relationship ... Read the full article
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