Reinsurance News
Pension Insurance Corporation plc
PIC closes £155m buy-in for Vistry’s Final Salary Pension Schemes
11th February 2026
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension schemes, has completed a £155 million buy-in with the Trustee of Vistry’s Final Salary Pension Schemes, covering the pensions of 1,671 members. The transaction covers the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme, and Kendall Cross ... Read the full article
PIC completes full scheme buy-ins of the Thomas Cook Travel schemes for £50m
7th March 2024
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, concluded, in November 2023, full scheme buy-ins with the Trustees of three defined benefit pension schemes formerly sponsored by Thomas Cook Group, totalling £50 million. According to the announcement, the Thomas Cook Travel Schemes entered Pension Protection Fund ... Read the full article
PIC secures £25m buy-in with Westminster Abbey Pension Scheme
18th December 2023
Pension Insurance Corporation plc (PIC), a specialised insurer for defined benefit pension funds, has successfully completed a £25 million full scheme buy-in with the Trustees of the Westminster Abbey 1972 Retirement and Death Benefits Scheme. The buy-in provides insurance coverage for the pension liabilities of 125 pensioners and 107 deferred members ... Read the full article
PIC reports busy start to 2023 with new business premiums of £6.2bn
19th June 2023
Pension Insurance Corporation Group Limited (PIC), the ultimate parent company of Pension Insurance Corporation plc, the specialist insurer of UK defined benefit pension schemes, has provided a PIC company update and pension risk transfer market outlook. PIC highlights that as of 31 March 2023, new business premiums of £6.2 billion were ... Read the full article
PIC reports strong year in FY22 results
20th March 2023
Pension Insurance Corporation Group Limited, the ultimate parent company of Pension Insurance Corporation plc (PIC), the specialist insurer of UK defined benefit pension schemes, has released its full-year results for 2022. The company reported a total adjusted operating profit of £388 million for FY22, compared to £533 million from 2021. At the ... Read the full article
PIC completes £142mn buy-in of Spirent Communications pension plan
9th March 2023
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has announced that it has concluded a full buy-in transaction with the Trustees of the Spirent Communications plc Staff Pension & Life Assurance Plan. The transaction was completed during the fourth quarter of 2022, meaning that all defined ... Read the full article
PIC completes £400mn buy-in for Amey OS Pension Scheme
18th January 2023
Pension Insurance Corporation plc (PIC) has concluded a partial buy-in transaction with the Trustee of the Amey OS Pension Scheme. PIC worked directly with Amey and the Trustee, insuring approximately £400 million of liabilities, covering the pensions of 3,473 members, which includes 1,938 deferred members. Amey is a UK-based infrastructure services and ... Read the full article
PIC completes £370m full-scheme buy-in with Yell
21st September 2022
The Pension Insurance Corporation (PIC) has concluded a full-scheme buy-in with the trustee of the Yell Pension Plan, covering £370m in remaining liabilities. This buy-in, the second between PIC and Yell, follows an initial buy-in in 2014 that insured 500 pensioners. This transaction takes total plan liabilities covered by PIC to ... Read the full article
PIC appoints Weymouth as Chairman
12th July 2022
Pension Insurance Corporation plc (PIC) has announced that David Weymouth has been appointed Chairman of its Board, as well as Chairman of the Board of PIC’s parent company, Pension Insurance Corporation Group Limited (PICG). Weymouth will join both the PIC and PICG Boards on 1st October, 2022, and take up his ... Read the full article
PIC signs c.£600mn buyout of House of Fraser pension
14th June 2022
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has completed a pension insurance buyout with the Trustee of the House of Fraser Beatties & Jenners Pension Scheme, insuring c.£600 million of liabilities. The transaction covers 3,850 deferred members, as well as 5,050 pensioners. The Scheme’s principal employer, House ... Read the full article
PIC signs further buy-in with MNOPF
4th February 2022
The Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has signed a further buy-in with the Trustee of the Merchant Navy Officers Pension Fund (MNOPF), covering £400 million of liabilities The deal between the two follows a £1.6bn transaction two years ago, where PIC secured the ... Read the full article
PIC completes £1.2bn full pension buy-in with Dresdner Kleinwort
3rd April 2019
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, has concluded a full buy-in deal with the pension plan of investment banking firm Dresdner Kleinwort, covering £1.2 billion of liabilities. The full buy-in covers the whole pension plan but is split across smaller transactions, consisting of a ... Read the full article
PIC completes £425mn pension buy-in with Co-op Group
18th January 2019
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension funds, has concluded a £425 million pension buy-in deal with a trust sponsored by the Co-operative Group. The arrangement provides insurance for £425 million of pension liabilities relating to the Somerfield Pension Scheme, which has a total of around £13 ... Read the full article
SCOR and PIC complete £1.2bn longevity reinsurance deal
11th December 2018
SCOR has completed a reinsurance deal with Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, that relates to £1.2 billion of longevity risks. The agreement covers the longevity risk of around 8,000 in-payment lives across six separate defined benefit pension schemes. It also marks the second such ... 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
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