Reinsurance News
Pension Insurance Corporation
PIC promotes Magudia to become Co-Chief Origination Officer
4th August 2023
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has announced that Mitul Magudia has been promoted to Deputy Chief Origination Officer, from Head of Business Development, and will join PIC’s Executive Committee as Co-Chief Origination Officer from January 1, 2024. Magudia will fully take over ... 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
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 concludes pension buy-in with British American Tobacco
10th February 2023
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has concluded a third pension insurance buy-in with the Trustee of the British American Tobacco UK Pension Fund, insuring approximately £250 million of liabilities. With the completion of this deal, PIC has now insured all £4.1 billion of the ... 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
Pension risk transfer market to hit £30bn over the next year
17th November 2022
The UK’s Pension Insurance Corporation (PIC) is predicting a pension risk transfer (PRT) market of £30bn over the next year. In its update on the market following the recent volatility, the PIC said that net business premiums during 2022 have been £3.4bn (HY2022: £2.4bn), with a short-term pipeline of £10bn, 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 enters £52m buy-in with Medway Packaging Pension Scheme
25th July 2022
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has completed a £52m full scheme buy-in with the Trustee of the Medway Packaging Pension Scheme. The deal secures benefits for 425 pension scheme members, of which 105 are deferred members. The sponsoring company, Mondi Aberdeen Limited, is a ... Read the full article
PIC signs £1.1bn insurance buy-in with EDS 1994 Pension Scheme
14th July 2022
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has announced the completion of a pension insurance buy-in with the Trustee of the EDS 1994 Pension Scheme, which is the pension plan of DXC Technology. The agreement fully insures the Scheme’s pension liabilities; it covers 3,000 pensioners as ... 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 enters £380m buy-in deal with AIR Canada
22nd March 2022
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has signed a buy-in with the Trustee of the Air Canada (UK) Pension Trust Fund, covering £380 million of liabilities. The deal covers liabilities for about 1,400 members, 40% of which are deferred members who are yet to ... 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 signs £250mn partial buy-in with IMI pension fund
21st January 2022
Pension Insurance Corporation (PIC) has concluded another partial buy-in with the Trustee of the IMI plc's 2014 Deferred Fund, which covers £250 million in liabilities for approximately 1,200 Fund members, 95% of which are deferred members. The transaction, which was finalised in December, is the fifth buy-in since 2016 and takes ... Read the full article
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