Reinsurance News
bulk annuity
UK bulk annuity market could exceed £35 billion in 2019: Aon
19th August 2019
Given the deals already transacted and those in the offing, global re/insurance brokerage Aon believes the UK bulk annuity market could well exceed £35 billion in 2019 and possibly even surpass the £40 billion mark. Aon’s Senior Partner and Head of Risk Settlement, Martin Bird, highlights what has proved to be ... Read the full article
Prudential’s £12bn annuities transfer to Rothesay blocked by High Court
16th August 2019
A UK High Court judgement has blocked Prudential's proposed £12 billion annuities transfer to longevity re/insurer Rothesay Life. The Part VII portfolio transfer was first announced by Prudential in March 2018 as part of plans to demerge its UK & Europe business. The High Court judgement supposedly has no impact on ... Read the full article
L&G in bulk annuity transaction with Hitachi Data Systems
15th August 2019
Legal & General has revealed the completion of a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan in the first half of 2019. The transaction covered around 120 members and was the third to be completed between the two, following buy-ins in 2012 and 2013. This latest transaction provides ... Read the full article
Rothesay Life in £520mn buy-in with Cadbury Mondelez Pension Fund
12th August 2019
Life insurer Rothesay Life has agreed a £520 million pensioner-only buy-in with the Cadbury Mondelēz Pension Fund, covering payments for c. 1,900 pensioner members. The bulk annuity transaction covers a representative subset of the liabilities for pensions already in payment, and will be held as an asset of the pension scheme. The ... Read the full article
L&G announces over £6.6bn of bulk annuity transactions in H1 2019
9th August 2019
Legal & General (L&G) successfully completed more than £6.6 billion of global bulk annuity transactions in the first-half of 2019, with UK pension risk transfer business accounting for £6.3 billion of this total. The £6.6 billion figure is out of a publicly announced total market transaction level of £14 billion, which ... Read the full article
Aon secures eighth bulk annuities purchase across Smiths Group pension schemes
3rd July 2019
Global re/insurance brokerage Aon has now secured eight bulk annuities across the Smiths Group's two pension schemes, totalling approximately £1.6 billion. The £3 billion Smiths Industries Pensions scheme has secured its eighth bulk annuity purchase and its second with Canada Life. The new £176 million bulk annuity is part of a ... Read the full article
RGA subsidiary in $2.9 billion annuity reinsurance deal with Horace Mann
25th June 2019
A subsidiary of global life reinsurer, Reinsurance Group of America (RGA) has completed a $2.9 billion annuity reinsurance transaction with Horace Mann Life Insurance Company, a subsidiary of Horace Mann Educators Corporation. Under the transaction, effective April 1st, 2019 RGA's subsidiary will reinsure a seasoned block of U.S. annuity business and ... Read the full article
Legal & General enters £4.6bn bulk annuity deal with Rolls Royce
6th June 2019
Legal and General Assurance Society Limited has entered into a partial buy-in to buyout bulk annuity transaction with the Rolls-Royce UK Pension Fund (RRPF) worth £4.6 billion. The deal, which Legal & General claims is the largest UK bulk annuity transaction to date, will secure the benefits of around 33,000 in-payment ... Read the full article
Record year for bulk annuities likely as demand remains high: Fitch
26th April 2019
UK life insurers writing bulk purchase annuities (BPAs) continue to benefit from a strong demand that will likely result in 2019 surpassing 2018’s £24 billion in bulk annuity transactions, according to Fitch Ratings’ report on UK life insurance. Indeed, Willis Towers Watson recently expected 2019 to show further strong growth ... Read the full article
Bulk annuity ‘mega deals’ trend to impact smaller schemes: WTW
9th January 2019
With the trend of bulk annuity ‘mega deals’ set to continue into 2019, smaller pension schemes are potentially at risk of missing out on attractive pricing as re/insurers prioritise resources to large-scale, high value deals, according to analysts at Willis Towers Watson (WTW). Last year saw unprecedented levels of bulk annuity ... Read the full article
PIC agrees to £1.5bn pension buy-in deal with Rentokil
4th December 2018
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension funds, has entered into a bulk annuity buy-in agreement with UK pest control service Rentokil Initial plc, concerning a pension scheme with liabilities of £1.5 billion. The agreement will provide security for Rentokil Initial 2015 Pension Scheme’s 14,200 members by ... Read the full article
2019 set to surpass record year for bulk annuities deals: Hymans Robertson
14th November 2018
2019 is expected to surpass what has been a record-breaking year for bulk annuity transactions, with pension scheme buy-ins and buy-outs likely to pass £20 billion by the end of 2018, according to analysts at Hymans Robertson. Deal volumes in 2018 doubled the previous record set in 2014 and Hymans Robertson ... Read the full article
Legal & General completes £4.4bn pension buy-in with British Airways
13th September 2018
Legal & General has completed a £4.4 billion buy-in for British Airways PLC’s pension scheme, Airways Pension Scheme (APS), in what it claims to be the largest ever bulk annuity policy arranged with a UK pension scheme. The transaction, which covers nearly 22,000 pensioners under British Airways’ APS scheme, also included ... Read the full article
Surge in bulk annuity volumes to continue over long term: Hymans Robertson
9th August 2018
The surge in bulk annuities volumes experienced over the first half of 2018, which saw many insurers write almost as much pension scheme volume as in the whole of 2017, is set to continue to increase over the long term, according to actuarial and advisory consultancy Hymans Robertson. Last month, Read the full article
Record year for bulk annuity as deals set to reach $35bn: Hymans Robertson
6th July 2018
A record breaking year for the bulk annuity market is likely to see transactions reach £35 billion, a 100% increase compared to the average market volumes over the past four years. According to a report by independent pensions consultancy firm Hymans Robertson, the predicted total volume would be significantly higher than ... Read the full article
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