Reinsurance News
Pension Insurance Corporation
Pension Insurance Corporation promotes Dominic Veney to CFO
14th October 2021
Pension Insurance Corporation (PIC) has promoted Dominic Veney to Chief Financial Officer. Veney will succeed Rob Sewell as CFO and a Director of PIC when he retires at the end of the year. He joined PIC in April 2018 as Chief Actuary, with responsibility for monitoring and reporting the company’s solvency position ... Read the full article
PIC signs £2.2bn pension buy-in deal with packaging supplier
4th October 2021
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has signed a £2.2 billion pension insurance buy-in with the Trustee of the Metal Box Pension Scheme, guaranteeing the benefits of the scheme's 10,300 pensioners and 2,200 non-pensioner members. The intention is that this will move to buyout in ... Read the full article
PIC grows H1 profit amid “very busy” pension risk transfer market
14th September 2021
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has reported improved profitability over the first six months of 2021, amid what CEO Tracy Blackwell describes as a “very busy” pension risk transfer market. The company posted adjusted operating profit of £221 million in H1, compared with £187 ... Read the full article
Sally Bridgeland joins PIC Board
9th February 2021
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has announced the addition of Sally Bridgeland to its Board as an Independent Non-Executive Director and Chair of the Risk Committee. Bridgeland replaces Steve Sarjant as Chairman of the Risk Committee following his retirement as an Independent Non-Executive Director. At ... Read the full article
PIC buys British Steel pension fund in £2bn deal
22nd October 2020
Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, has signed a £2 billion pension insurance buyout with the trustee of the Old British Steel Pension Scheme. The deal secures future pension payments for all of the more than 30,000 members at, or above, PPF levels of compensation. The scheme ... Read the full article
PIC completes £3.5bn of bulk annuity deals in H1
11th September 2020
Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), completed £3.5 billion of bulk annuity deals in the first half of 2020. The firm also completed £47.7 billion in financial investments, compared to £40.9 billion across the whole of 2019. Reinsurance transactions covered £3.9 billion ... Read the full article
MetLife enters UK longevity reinsurance market with PIC transaction
18th June 2020
Metropolitan Tower Life Insurance Company, a wholly owned subsidiary of MetLife, Inc., will provide reinsurance to Pension Insurance Corporation (PIC) for longevity risk associated with roughly £280 million of pension liabilities. This transaction signals MetLife's entry into the UK longevity reinsurance marketplace and positions the firm as a reinsurance solution for ... Read the full article
PIC insures $250mn of WPP pension liabilities
31st March 2020
Pension Insurance Corporation, a specialist insurer of defined benefit pension funds, has concluded a £250 million pension insurance buy-in across two schemes, sponsored by WPP. The transaction is the second buy-in agreement between WPP and PIC, following a buy-in of £140 million of liabilities across five schemes in February 2018. PIC won ... Read the full article
Pension Insurance Corporation completes £750mn capital raise
13th February 2020
Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), has announced the completion of its previously announced capital raise. Under the arrangement, PICG’s existing shareholders will invest £750 million of new capital to support the continued growth of PIC in the pension risk ... Read the full article
PIC converts longevity swap into £1.6bn buy-in for MNOPF
10th February 2020
Pension Insurance Corporation plc (PIC) has completed the conversion of a longevity swap transaction into a £1.6 billion buy-in with the Merchant Navy Officers Pension Fund (MNOPF). The buy-in secures the pension of approximately 14,000 members and coverts a longevity hedge written in 2014 between MNOPF and Pacific Life Re. The 2014 ... Read the full article
PIC announces £750m capital raise, posts record business for 2019
28th January 2020
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension funds, has announced plans to issue up to £750 million of new equity to support growth off the back of detailing its performance in 2019. PIC has described the pension risk transfer market as “exceptionally buoyant” and says it exceeded ... Read the full article
PIC completes £750mn pension buy-in with Scottish & Southern Energy
13th November 2019
Pension Insurance Corporation plc (PIC), the specialist insurer of defined benefit pension funds, has completed a third pension risk transfer transaction for a pension scheme sponsored by UK energy company Scottish & Southern Energy (SSE). The deal saw PIC convert a pensioner longevity swap held by the Scottish Hydro Electric Pension ... Read the full article
Record £7 billion of longevity risk reinsured by PIC in 2019
24th June 2019
Pension Insurance Corporation (PIC) has completed £5.8 billion (USD 7.4 billion) of pension buy-ins and buyouts and has reinsured a record £7 billion (USD 8.9 billion) of longevity risk so far in 2019. The specialist insurer of defined benefit pension funds has highlighted a very active year for the pension risk ... Read the full article
Marks & Spencer completes £1.4bn pension buy-in with PIC, Phoenix Life
23rd May 2019
Marks & Spencer has secured two further pensioner buy-ins with Pension Insurance Corporation (PIC) and Phoenix Life totalling roughly £1.4 billion. The latest buy-in sees Marks & Spencer further de-risk its £10 billion defined benefits pension scheme. This £1.4 billion pension buy-in round, combined with two policies purchased in 2018, means ... 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
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