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.
Pacific Life Re & Zurich enter £1.6bn longevity hedge with YCB
2nd May 2023
The Yorkshire and Clydesdale Bank (YCB) Pension Scheme has announced a longevity swap transaction with Pacific Life Re International and Zurich Assurance to manage longevity risk in relation to £1.6 billion of pensioner liabilities. The arrangement will provide long term protection to the scheme against costs resulting from pensioners or their ... Read the full article
Rothesay completes £160m full scheme buy-in for Repsol Sinopec
2nd May 2023
UK specialist pensions insurer Rothesay has completed a £160 million full scheme buy-in with Repsol Sinopec, an oil and gas exploration and production company operating in the North Sea. The transaction secures the benefits for all members of the company’s scheme, which includes defined benefit liabilities for 141 pensioners and dependants ... Read the full article
UK L&H insurers to benefit from “booming” bulk annuity market in 2023: Moody’s
29th March 2023
Analysts at Moody's have suggested that the UK's Life & Health insurers will continue to benefit from sustained bulk purchase annuities (BPA) growth at still attractive margins in 2023 and beyond. According to the analysts, BPA transfers have strengthened insurers' earnings in the past, and are set to help offset lower ... Read the full article
PIC reports strong year in FY22 results
20th March 2023
Pension Insurance Corporation Group Limited, the ultimate parent company of Pension Insurance Corporation plc (PIC), the specialist insurer of UK defined benefit pension schemes, has released its full-year results for 2022. The company reported a total adjusted operating profit of £388 million for FY22, compared to £533 million from 2021. At the ... Read the full article
L&G and Lifetri announce Dutch Pension Risk Transfer Initiative
20th March 2023
Legal & General (L&G) and Lifetri have announced plans to enter into a long-term strategic relationship, under which L&G will support Lifetri, as it expands to write further Dutch pension risk transfer (PRT) business for defined benefit arrangements. The agreement is subject to regulatory review. Currently the Netherlands is in the process ... Read the full article
L&G reports record year for US pension risk transfer market
28th February 2023
New data from Legal and General shows that the US pension risk transfer (PRT) market had a record year in 2022 with an estimated $53 billion in total market volume, significantly exceeding the 2021 record of $38 billion. This is according to the latest Global PRT Monitor from L&G businesses, Legal ... Read the full article
Hymans Robertson adds Louise Lane to risk transfer team
21st February 2023
Pensions and financial services consultancy Hymans Robertson has announced the addition of Louise Lane to its expanding Risk Transfer team. Lane joins the firm from global brokerage WTW’s Risk Transfer team, where she heavily focused on assisting clients to reduce the risk associated with DB pensions schemes, primarily through the purchase ... Read the full article
PIC concludes pension buy-in with British American Tobacco
10th February 2023
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has concluded a third pension insurance buy-in with the Trustee of the British American Tobacco UK Pension Fund, insuring approximately £250 million of liabilities. With the completion of this deal, PIC has now insured all £4.1 billion of the ... Read the full article
L&G agrees £430mn buy-in with Tioxide Pensions Fund
24th January 2023
Legal & General Assurance Society Limited has agreed a £430 million buy-in with the Tioxide Pensions Fund. The transaction, which was agreed in November, secures the benefits of around 2,700 retirees and deferred members. The sponsoring company, Venator Group, is a leading global chemical company. Additionally, the Tioxide Pensions Fund is an existing ... Read the full article
PIC completes £400mn buy-in for Amey OS Pension Scheme
18th January 2023
Pension Insurance Corporation plc (PIC) has concluded a partial buy-in transaction with the Trustee of the Amey OS Pension Scheme. PIC worked directly with Amey and the Trustee, insuring approximately £400 million of liabilities, covering the pensions of 3,473 members, which includes 1,938 deferred members. Amey is a UK-based infrastructure services and ... Read the full article
L&G Retirement America closes year with over $2bn in PRT transactions
20th December 2022
Legal & General Retirement America (LGRA), has hit a historic milestone by completing more than $2 billion in transactions in 2022. This includes the firm’s two largest deals to date at over $500 million each. The company completed a total of 12 pension risk transfer (PRT) transactions throughout 2022. In Q4 22 alone, ... Read the full article
L&G launches reinsurer to target Canadian pension risk transfer
13th December 2022
The Bermuda-based reinsurance arm of Legal & General Group, Legal & General Reinsurance Company No. 2, has launched to target the Canadian pension risk transfer market and has been assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) by AM ... Read the full article
L&G Retirement America completes $145m pension risk transfer deal with Rolls-Royce
2nd December 2022
Legal & General Retirement America (LGRA) has completed a c.$145 million pension risk transfer (PRT) transaction with Rolls-Royce North America Inc. The deal, which closed in July, covered approximately 1,200 plan participants from the Retirement Plan for Rolls-Royce NA, and also came off the heels of LGRA’s largest H1 to date ... Read the full article
SCOR completes £1.7bn longevity transaction with Balfour Beatty Pension Trust
30th November 2022
Global reinsurer SCOR has participated in a £1.7bn longevity swap transaction with Balfour Beatty Pension Pension Trust, with Zurich UK acting as an intermediary insurer, leveraging a “pass-through” structure that facilitates the risk transfer to SCOR as the reinsurance provider. This longevity swap and reinsurance deal, said the firm, will cover the ... Read the full article
PRT business continues to perform in a growing global market: L&G
21st November 2022
In its latest market update, Legal & General Group (L&G) has reported that its global Pension Risk Transfer (PRT) business continues to perform strongly, as the firm secured new business wins in each the UK, US and Canada in the last few weeks. Year-to-date, Legal & General Retirement Institutional (LGRI) states ... Read the full article
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