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.
Hymans Robertson names Baljit Khatra as Risk Transfer Consultant
19th January 2018
Hymans Robertson has announced the appointment of qualified and FCA regulated actuary Baljit Khatra as Risk Transfer Consultant, set to and be based in the firm’s Birmingham office. Khatra will be based in Birmingham and joins after over 7 years at Mercer where he held a significant role within their strategic ... Read the full article
Prudential & Legal & General conclude $800m longevity reinsurance deal
21st December 2017
The Prudential Retirement Insurance and Annuity Company (PRIAC), a Prudential Financial unit, has concluded a reinsurance agreement which will see it assume longevity risk for about $800 million in pension liabilities, which are held by Legal & General as part of its bulk annuity business. This transaction covers more than 2,000 ... 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
Athene secures $900mn pension risk transfer from Molson Coors Brewing
4th December 2017
Athene Holding has secured its fourth pension risk transfer deal in 2017, after its subsidiary Athene Annuity and Life Company (AAIA) agreed to a pension buyout with Molson Coors Brewing Company and its subsidiary MillerCoors. Under this deal, MillerCoors is transferring over $900 million in pension obligations to Athene; AAIA will assume ... 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
PIC insures Wolseley Group pensioner liabilities with £600m buy-in
10th October 2017
Pension Insurance Corporation, PIC, has concluded a £600 million premium pension insurance buy-in which covers all of the Trustees of the Wolseley Group Retirement Benefits Plan's, (the Plan) pensioner liabilities. David Illingworth, Chairman of Trustees, said; “This buy-in covering a significant proportion of our overall liabilities is the logical next step ... Read the full article
Finance executives highlight pension risk transfer drivers
29th August 2017
Increasing premiums to the Pension Benefit Guaranty Corp. (PBGC), combined with asset-related volatility and increasing life expectancies are amongst the top reasons finance executives transfer pension exposure to an insurer, according to a new survey by CFO Research and Prudential Financial, Inc. A new survey including the responses of 80 senior finance executives at ... Read the full article
Pacific Life completes $35mn pension buy-in deal with American Water Works
24th August 2017
Pacific Life Insurance Company has completed a $35 million Pacific Secured pension Buy-In transaction with American Water Works Association (AWWA), the company has announced. According to a statement from the company, as of the transaction date this will be the sixth buy-in transaction completed by Pacific Life, and the ninth reported industry-wide. Kevin ... Read the full article
Athene enters pension risk transfer market with $320m deal
11th August 2017
Athene Holding Ltd., the life, retirement, annuity insurance and reinsurance group that is majority owned by investment giant Apollo, has entered the pension risk transfer space in the second-quarter of 2017. Athene entered into its first pension buy-out transaction during the quarter, with its Iowa life insurance subsidiary now set to ... Read the full article
UK pension risk transfer to re/insurers to reach £700 billion by 2032
10th August 2017
Demand for bulk annuity buy-ins is expected to quadruple over the next 15 years as £700 billion worth of defined benefit pension scheme liabilities are expected to be passed to insurers by 2032, according to a Hymans Robertson report. Around one-third of current defined benefit (DB) pension risk schemes are expected ... Read the full article
The Hartford agrees $1.6 billion U.S. pension liabilities transfer to Prudential
27th June 2017
The Hartford has made arrangements to transfer 38% of its U.S. pension liabilities or $1.6 billion of the firm's $5.6 billion in U.S. qualified pension plan liabilities to Prudential through purchasing a group annuity contract, with effect from the expected settlement date of June 30th, 2017. Under the agreement about 16,000 ... Read the full article
Regulator questions UK pension providers on use of offshore reinsurance
12th June 2017
The UK's Prudential Regulation Authority, a division of the Bank of England, is reported to have begun questioning UK pension insurers and providers over their use of offshore reinsurance to transfer pension risks. With pension de-risking a top priority for insurers, as pension providers grapple with lower returns and longevity risk, ... Read the full article
Lockton adopts RiskFirst pension risk analytics platform
16th March 2017
Insurance broker Lockton has adopted financial technology provider, RiskFirst's, new web-based risk analytics platform, PFaroe, to expand its offer of pension plan risk assessment for company clients. The firm said the platform can be fed changing economic and market conditions to create the most up to date pension risk management scheme - optimising ... Read the full article
Higher U.S. interest rates promote pension-risk transfer
15th March 2017
Higher interest rates could incentivise the growth of U.S. pension-risk transfer business as rate changes make it less expensive for employers to transfer pension obligations, providing a further catalyst in what's become a thriving cross-Atlantic longevity risk transfer business. Chief Investment Officer of United Technologies Corp, Robin Diamonte, told the Wall Street ... Read the full article
L&G’s U.S. pension risk transfer business approaches $1 billion
23rd February 2017
UK insurer Legal & General (L&G) has revealed that its U.S. pension risk transfer (PRT) business witnessed further growth in 2016 and the unit expects to surpass $1 billion in transaction volume in the near future, citing increased demand for its services across the states. The UK domiciled insurer entered the ... Read the full article
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