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.
Canada Life completes £361m buy-in with unnamed pension scheme
11th March 2025
Canada Life has completed a £361 million full-scheme buy-in transaction with an unnamed pension scheme, covering over 850 deferred members and approximately 650 pensioners. This is Canada Life’s largest single transaction to date covering deferred lives. Mercer acted as the lead broker and was the Trustees’ de-risking and investment adviser. CMS advised ... Read the full article
BNY and Conduent partner to deliver seamless end-to-end PRT solution
11th December 2024
The Bank of New York Mellon Corporation (BNY) and Conduent Incorporated have formed a strategic alliance to deliver insurers and pension acquirers an end-to-end pension risk transfer (PRT) solution through a single, streamlined platform. As pensions become increasingly costly and complex to manage, this collaboration enables companies to de-risk their balance ... Read the full article
Q3’24 sees record value in buy-in & buy-out transactions of £20bn: Hymans Robertson
4th December 2024
Hymans Robertson has reported that the total value of buy-in and buy-out deals completed in the third quarter of 2024 reached nearly £20 billion, marking the highest volume ever recorded for this period in any calendar year. This record quarter follows a strong first half of 2024, during which 134 ... Read the full article
MetLife enters into £450m longevity swap with Merchant Navy Ratings Pension Fund
3rd December 2024
The Trustee of the £1 billion Merchant Navy Ratings Pension Fund (MNRPF) has entered into a transaction with Metropolitan Life Insurance Company (MetLife) to manage longevity risk of around £450 million of pensioner and dependant liabilities. This transaction provides long-term protection to MNRPF against costs resulting from pensioners or their dependants ... Read the full article
Aviva completes £1.7bn buy-in with National Grid pension scheme
27th November 2024
Aviva has completed a £1.7 billion pensioner buy-in with the National Grid Electricity Group (the Group) of the Electricity Supply Pension Scheme (the Scheme). Aviva stated that the transaction, completed in October 2024, involved transferring the Group's existing longevity swap with Zurich Assurance Ltd and provides insurance for the benefits of ... Read the full article
Pension de-risking surge as 93% of sponsors plan full liability divestment: MetLife
25th November 2024
LIMRA, a research and consulting organisation in the insurance and financial services industries, reports that pension risk transfer (PRT) transactions increased by 14% in the first half of 2024 compared to the same period in 2023. Meanwhile, MetLife, a global provider of insurance, annuities, and employee benefit programmes, reports in its ... Read the full article
M&G completes ‘first of its kind’ Value Share BPA transaction
25th November 2024
M&G has launched a Value Share Bulk Purchase Annuity (BPA) proposition by completing a £500 million transaction with a private Corporate Sponsor and its UK Pension Scheme, insuring around 3,200 pensioner and deferred members. This newly launched Value Share BPA proposition's structure reportedly allows Trustees to insure the Scheme members in ... Read the full article
Legal & General completes record $2.2bn in US PRT business in 2024
22nd November 2024
Legal & General has completed a record $2.2 billion in Pension Risk Transfer (PRT) business in the US in 2024, marking its largest year in the market to date. Having entered the US PRT market nine years ago, Legal & General completed its first transaction with Royal Philips in 2015. Since ... Read the full article
PIC concludes £190m buy-in with Atradius UK pension scheme
8th November 2024
Pension Insurance Corporation plc (PIC), a specialist insurer for defined benefit pension schemes, has completed a £190 million buy-in of the accrued benefits in the Atradius UK Pension Scheme (The Scheme). The buy-in comprises 361 current pensioners and dependents, 344 deferred members, and 66 active members. This transaction ensures the scheme’s ... Read the full article
New pension longevity model launched by Oliver Wyman and Mercer
23rd October 2024
Oliver Wyman and Mercer, businesses of Marsh McLennan, has launched a new pension risk transfer (PRT) longevity model that will enable pension plan sponsors, direct insurers and reinsurers to better price and manage longevity risk. Drawing on Mercer's US longevity dataset of over one million pension lives, the model leverages the ... Read the full article
September’s PRT costs increased from 100.8% to 101.7%: Milliman
22nd October 2024
Global consulting and actuarial firm Milliman has reported that the estimated retiree pension risk transfer (PRT) cost for September reached 101.7% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). In its latest Milliman Pension Buyout Index (MPBI), the firm outlines that the estimated cost to transfer retiree pension risk ... Read the full article
Resolution Re enters into third UK PRT reinsurance transaction
26th September 2024
Resolution Re, the Bermudian reinsurance platform of global life insurance group, Resolution Life, has entered into a new UK Pension Risk Transfer (PRT) reinsurance deal with a leading UK-regulated insurer. Resolution Life’s other two transactions were signed in 2023, and now the firm manages a cumulative total of over $3.5 billion ... Read the full article
IBM transfers $6bn in pension obligations to Prudential in latest risk-reduction move
18th September 2024
IBM, a technology company, has filed an 8-K report outlining the transfer of a portion of its US defined benefit pension plan obligations to The Prudential Insurance Company of America, a provider of insurance and financial services. In recent years, IBM has taken steps to reduce the risk associated with its ... Read the full article
UK & US PRT markets expected to exceed £250bn in three years: Legal & General
6th September 2024
The UK and US Pension Risk Transfer (PRT) markets are experiencing exceptionally strong demand, with insurers expected to secure over £250 billion in combined volumes over the next three years, according to Legal & General. The latest edition of Legal & General’s PRT monitor revealed a surge in large pension plans ... Read the full article
Legal & General completes £1.1bn buy-in with the SCA UK Pension Plan
1st August 2024
UK insurer Legal & General Assurance Society Limited has announced the completion of a £1.1 billion buy-in with the SCA UK Pension Plan, securing the benefits of 5,900 retirees and 3,600 deferred members. Essity Holding UK Limited, part of the Essity group, is the sponsoring company. After evaluating various insurers, the ... Read the full article
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.
