Reinsurance News
Pension Insurance Corporation plc
PIC completes £75mn buy-out deal with Menzies Pension Fund
13th August 2018
Pension Insurance Corporation plc (PIC) has completed a £75 million buy-out deal with section B of the Menzies Pension Fund (the Scheme), sponsored by Menzies Distribution Limited. The buy-out comes as Trustees look to lock down the risk associated with the scheme after it was sectionalised in May last year to ... Read the full article
PIC completes £60 million pension buy-in with the CAA
25th July 2018
Specialist insurer Pension Insurance Corporation (PIC) has announced the completion of its second buy-in with the Civil Aviation Authority's (CAA) defined benefit scheme, covering £60 million of liabilities. “This transaction takes us a step closer to achieving our long-term aim of de-risking the scheme,” said Joanna Matthews, Chair of the Trustees. “It is ... Read the full article
PIC concludes £850m full buyout of the PA Pension Scheme
2nd July 2018
Pension Insurance Corporation plc (PIC) has announced the completion of a full buyout of all members of the PA Consulting Pension Scheme, covering £850 million of liabilities and roughly 2,400 members. PIC, a specialist insurer of defined benefit pension funds, wrote a total £3.2 billion of new business in the first ... Read the full article
Prudential & PIC in sixth longevity reinsurance transaction
9th May 2018
As demand for pension de-risking continues to surge, Prudential Retirement, a division of Prudential Financial, Inc., has entered into its sixth longevity reinsurance agreement with Pension Insurance Corporation plc (PIC). The latest deal between the pair sees the Prudential Insurance Company of America (PICA) assume the longevity risk for £900 million ... Read the full article
PIC in $140 million pension insurance buy-in with WPP
7th February 2018
Specialist, defined benefit pension fund insurer, Pension Insurance Corporation plc (PIC), has insured five WPP pension schemes in a new $140 million transaction, covering pensioner and deferred liabilities. The agreement covers $140 million of defined benefit pension fund liabilities across five pension schemes sponsored by WPP, the world's largest communications services ... Read the full article
Pension Insurance Corporation completes £100mn pension scheme buy-in
14th December 2017
Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a £100 million buy-in with Trustees of three defined benefit pension schemes which are sponsored by Pirelli UK and Pirelli Tyres. Flavio Cateni, Head of Group Planning & Reporting and Pensions at Pirelli, said; "The timely and mutually satisfactory ... Read the full article
Pension Insurance Corporation concludes $975mn UK pension fund buy-in
30th November 2017
Pension Insurance Corporation has concluded a £725 million ($975mn) full buy-in with the Trustee of the Former Registered Dock Workers Pension Fund. The buy-in fully removes the Fund's pension liabilities risk along with its existing insurance policies. The Former Registered Dock Workers Pension Fund is a multi employer pension scheme covering dock ... Read the full article
SCOR & PIC enter £1 billion longevity reinsurance swap
12th July 2017
Pension Insurance Corporation plc (PIC) has entered into a £1 billion (US$1.28bn) longevity reinsurance transaction with French reinsurer SCOR, meaning the insurer has now reinsured over 70% of its overall longevity risk. In a statement, PIC explains the new reinsurance agreement covers the longevity exposure of roughly 7,000 in-payment lives and ... Read the full article
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