Reinsurance News
Pension Insurance Corporation
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
PIC appoints Head of Corporate Development and Strategy
18th October 2018
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has announced the appointment of Simon Abel as Head of Corporate Development and Strategy. In this role, Abel will be responsible for developing, communicating, executing and sustaining PIC’s corporate initiatives, including corporate bond issues, and will report to ... Read the full article
PIC completes £800m buyout of BHS2 pension scheme
14th August 2018
Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a full, £800 million buyout of the BHS2 pension scheme - set up in 2017 following the collapse of British Home Stores (BHS). BHS2 covers members of two predecessor BHS Pension Schemes, who chose to transfer to BHS2 ... Read the full article
PIC completes £50mn pension buy-in deal with IET
23rd July 2018
The Institution of Engineering and Technology (IET), one of the largest STEM industry bodies, has announced the completion of a £50 million buy-in deal that sees the Pension Insurance Corporation (PIC) take on 300 uninsured pensioner members of its Superannuation and Assurance Scheme. This is the second buy-in for the Scheme following ... Read the full article
PIC agrees buyout of The 600 Group’s UK pension scheme liabilities
20th July 2018
The Trustee of The 600 Group plc's UK defined benefits pension scheme has agreed to a buyout of the scheme liabilities by Pension Insurance Corporation Plc (PIC). The agreement concerns the pension scheme liabilities of £201 million covering 2,000 pensioners and 800 deferred members to be transferred entirely to PIC, a specialist ... Read the full article
PIC completes £1.3bn pension insurance buy-in deal with Siemens
5th July 2018
Pension Insurance Corporation (PIC), the specialist insurer of defined benefit pension funds, has completed a £1.3 billion pension insurance buy-in deal with the Trustees of the Siemens Benefits Scheme. The deal marks the third bulk annuity arrangement between PIC and a Siemens-sponsored defined benefit scheme, and PIC said this existing relationship ... Read the full article
Abu Dhabi Investment Authority to acquire 21.4% stake in PIC parent
19th June 2018
The Abu Dhabi Investment Authority (ADIA) has entered an agreement to acquire up to 21.4% of the shares of Pension Insurance Corporation Group, the parent company of Pension Insurance Corporation (PIC), from funds advised by private investment firm J.C. Flowers & Co. PIC is a specialist insurer and provider of bulk ... Read the full article
PIC announce PwC Partner Dominic Veney as new Chief Actuary
1st June 2018
London-based, specialist insurer of defined pension funds Pension Insurance Corporation (PIC) has announced the appointment of Dominic Veney as its new Chief Actuary and member of the senior management team. Responsibilities include leading the actuarial team at PIC, providing the regular reporting and analysis of the company’s financial performance across all ... Read the full article
PIC to insure £200mn of Kingfisher Pension Scheme liabilities
25th April 2018
Pension Insurance Corporation (PIC), a specialist re/insurer of defined benefit pension funds, has concluded a buy-in with the Trustees of the Kingfisher Pension Scheme that covers c.£200 million of liabilities. The Scheme currently insures around £450 million of liabilities, and has approximately £4 billion of liabilities in total. Kingfisher is an international ... Read the full article
Prudential collaborates with PIC to de-risk small pensions
4th April 2018
Prudential Retirement, a unit of Prudential Finance, Inc., and Pension Insurance Corporation (PIC) have collaborated on a new approach to expedite longevity reinsurance transactions on smaller pension buy-ins and buy-outs. The partnership will allow PIC to more efficiently address the risk transfer needs of small pensions by combining an advance commitment ... Read the full article
PartnerRe and PIC enter £725mn longevity reinsurance deal
22nd January 2018
Specialist pension funds insurer Pension Insurance Corporation (PIC) has announced a £725 million longevity reinsurance agreement with Bermudian reinsurer, PartnerRe. The deal covers the longevity risk acquired when PIC insured the Dockworkers Pension Fund in a full buy-in, in November last year. Kevin O’Regan, Head of Longevity and Portfolio Reinsurance at PartnerRe, ... Read the full article
- ← Previous
- 1
- 2
- 3
- 4
- 5
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
