Reinsurance News
pension risk transfer
Pension risk transfer news and analysis can be found here. The pension risk transfer market sees financial risks associated with defined benefit pension plans transferred from the sponsoring employer or pension scheme to a third party, typically an insurance or reinsurance company.
Read our pension risk transfer news below.
Higher rates and competition create ‘compelling opportunities’ in PRT, says Lloyds Banking’s De Monte
19th May 2026
Christian De Monte, Head of Insurance and Group Subsidiaries at Lloyds Banking Group, has suggested that higher interest rates, strong insurer capitalisation and growing market competition are supporting a robust pension risk transfer (PRT) pipeline, and creating compelling opportunities for pension schemes and sponsors. “With interest rates higher than they were ... Read the full article
UK life insurers’ annuity volumes expected to rebound in 2026 while margin pressure persists: Fitch
23rd April 2026
Fitch Ratings, a global credit ratings agency, expects UK life insurers’ pension risk transfer (PRT) market activity to recover in 2026. Fitch Ratings links this expectation to continued demand from defined benefit pension schemes seeking to reduce balance sheet exposure, alongside the potential re-emergence of larger transactions. The agency notes that total ... Read the full article
Canada Life secures £40m bulk annuity deal for financial sector pension scheme
2nd April 2026
Canada Life, an insurance and financial services company, has completed a £40 million full-scheme buy-in transaction with a financial services sector pension scheme. According to the announcement, this deal secures the future benefits for more than 80 pensioners and 60 deferred members. The transaction saw Hymans Robertson act as lead broker on ... Read the full article
Howden expands insurance actuarial & longevity capabilities with acquisition of Hymans IFS team
31st March 2026
Global insurance and reinsurance broking group Howden is set to bolster its specialist insurance actuarial and longevity consulting capabilities with the acquisition of Hymans Robertson's Insurance and Financial Services Consulting Team (IFS team). The transaction is expected to close in the spring of this year, and will lead to the creation ... Read the full article
Athora completes acquisition of PIC, plans to relocate headquarters to UK
27th March 2026
Athora, a European savings and retirement services group, has completed its acquisition of Pension Insurance Corporation Group Limited, including its wholly owned subsidiary, Pension Insurance Corporation plc (PIC). The acquisition was first announced in July 2025, with Athora agreeing to acquire PIC for approximately £5.7 billion. Earlier this month, Read the full article
Swiss Re enters US retiree market with landmark $2bn longevity reinsurance deal
17th March 2026
Swiss Re, one of the world's largest reinsurance companies, has entered into its first longevity reinsurance transaction covering US retirees, building on the firm's global track record in the longevity risk transfer space. The reinsurance giant has completed more than 30 longevity reinsurance transactions across the UK, the Netherlands, Singapore, and ... Read the full article
US life insurers maintain steady but uneven profitability as rate support eases: Moody’s
3rd March 2026
Credit rating agency Moody’s reports that publicly traded US life insurers delivered solid, though uneven, operating profitability in the fourth quarter of 2025, as the boost from higher interest rates subsided and yields stabilised. While results were generally positive compared with the prior year, sequential performance for some companies weakened due ... Read the full article
Hymans Robertson expects 2026 to be a record year for the buy-in market
3rd February 2026
The pipeline for buy-ins looking to complete during the months ahead is very strong, with 2026 expected to be a record year for the market and likely to exceed £50 billion for the first time, according to Hymans Robertson’s 2026 Risk Transfer Report. The report noted that insurers have sufficient capacity ... Read the full article
Aon estimates up to $50bn in US PRT premiums for 2025
12th January 2026
U.S. pension risk transfer (PRT) activity surged in the fourth quarter of 2025, with global re/insurance broking group Aon estimating total market premiums of $45–$50 billion for the year. According to Aon’s U.S. PRT Annual Report Preview, the firm expects there to be more premium settled in Q4’25 than in the ... Read the full article
LGRA estimates $9bn total premium for US PRT market in Q3’25
11th December 2025
Legal & General Retirement America (LGRA), a business unit of Legal & General America, has estimated that total premium of the US Pension Risk Transfer (PRT) market for the third quarter of 2025 will be around $9 billion, a decrease compared to $15.5 billion in Q3’24. During the first half of ... Read the full article
Competitive pension risk transfer cost dips to 100.1% during October
24th November 2025
The estimated cost for transferring retiree pension risk to an insurer saw a slight but significant decrease in October, to 100.1%, according to the latest figures from the Milliman Pension Buyout Index (MPBI). The estimated cost to transfer pension risk through a competitive bidding process declined from 100.5% to 100.1% of ... Read the full article
S&P expects continued expansion of PRT market
21st November 2025
S&P Global Ratings anticipates that the transfer of pension risks to the life insurance industry will continue to grow over the next decade, noting that insurers’ robust capital buffers and prudent mortality assumptions are limiting downside rating risks. S&P’s recent report, “Insuring Longevity Risk In An Aging World,” stated that for ... Read the full article
BBC Pension Scheme finalises £6bn longevity swap with Zurich & MetLife
20th November 2025
The BBC Pension Scheme has completed a longevity swap transaction, covering approximately £6 billion of pensioner liabilities for around 21,000 members, with global insurer Zurich reinsurer MetLife. The deal is designed to provide the BBC Scheme - and the BBC as its sponsor - with further protection against the financial risk ... Read the full article
L&G completes £4.6 billion buy-in with two Ford pension schemes
27th October 2025
UK insurer Legal and General Assurance Society Limited (L&G) has completed two buy-ins totalling £4.6 billion with pension schemes sponsored by Ford Motor Company Limited, the Ford Hourly Paid Contributory Pension Fund and the Ford Salaried Contributory Pension Fund. The two buy-ins were completed as part of a single combined transaction, ... Read the full article
Member experience key to insurer selection in pension buy-ins and buy-outs: Hymans Robertson
22nd October 2025
As the pension risk transfer market evolves and grows increasingly competitive, member experience has become a defining factor for trustees when selecting insurers for buy-in and buy-out transactions, according to pensions and financial services consultancy Hymans Robertson. The firm noted that pension schemes which prioritise member experience early in their buy-in ... Read the full article
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