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.
U.S. PRT market on course for “strongest half-year in 2022” – L&G
13th May 2022
The US pension risk transfer (PRT) market had its largest quarter in Q1 2022 with an estimated volume of $5.5bn, according to the latest Pension Risk Transfer Monitor from Legal & General. The insurer said that the first three months of 2020 and 2021 saw volumes of $4.5bn and $3.8bn. This, ... Read the full article
UK pension schemes increasing number of investments, says Aon
28th March 2022
Global re/insurance broker Aon has said that with 2022 promising to be another active year in the UK pension risk settlement market, an increasing number of schemes are focusing on their investment approach in the bid to be “settlement ready”. Aon’s recent Global Pension Risk Survey 2021/22 showed that more UK ... Read the full article
PIC enters £380m buy-in deal with AIR Canada
22nd March 2022
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has signed a buy-in with the Trustee of the Air Canada (UK) Pension Trust Fund, covering £380 million of liabilities. The deal covers liabilities for about 1,400 members, 40% of which are deferred members who are yet to ... Read the full article
L&G reports “strong year” for pension deals
9th March 2022
Life insurer Legal & General Group (L&G) has reported its results for 2021, with subsidiaries Legal & General Retirement Institutional (LGRI) and Legal & General Retirement America (LGRA) experiencing a “strong year,” the company says. L&G continued to maintain its position in the global pension risk transfer (PRT) market, securing a ... Read the full article
Prudential optimistic for the future as PRT market gains momentum: Rohit Mathur
7th March 2022
After a very strong 2021 that saw Prudential Retirement Strategies close a good mix of pension risk transfer (PRT) deals across various structures, Rohit Mathur, Head of International Reinsurance, told Reinsurance News that the future looks bright. Activity in the UK PRT market was very robust last year with buy-in and ... Read the full article
Longitude Exchange unveils world’s first digital market for trading longevity risk
2nd March 2022
Longitude Exchange, a new Insurtech recently launched in Bermuda, has announced the impending release of its digital marketplace for trading longevity risk in index-based format, as the company looks to lower frictional costs and timelines. The new platform brings together hedgers and investors on a web-based ecosystem that's been built specifically ... Read the full article
Now is a good time for pension schemes to begin their de-risking journey: Prudential Retirement Strategies’ Mathur
28th February 2022
Activity in the pension risk transfer (PRT) market has been robust, and with ample capacity and support from the re/insurance community persisting, alongside attractive pricing, it’s a great time for pension schemes to begin their de-risking journey, according to Rohit Mathur, Head of International Reinsurance at Prudential Retirement Strategies. After a ... Read the full article
SCOR completes its largest (£5.5bn) ever longevity reinsurance deal
15th February 2022
Global reinsurer SCOR has completed a £5.5 billion longevity reinsurance transaction, covering liabilities of more than 17,000 members of the Lloyds Bank No. 1 Pension Scheme. This landmark transaction is SCOR's largest ever longevity deal and protects the trustee of the scheme by transferring the risk that members live longer than ... Read the full article
Pension risk transfer market set to accelerate after record H2: L&G
8th February 2022
Analysts at Legal & General are expecting momentum in the global pension risk transfer (PRT) market to continue into 2022, following another strong half-year period for the sector, particularly in the US where potential transaction volume records were set. L&G’s Global PRT Monitor reported a strong second half of 2021 for ... Read the full article
PIC signs £250mn partial buy-in with IMI pension fund
21st January 2022
Pension Insurance Corporation (PIC) has concluded another partial buy-in with the Trustee of the IMI plc's 2014 Deferred Fund, which covers £250 million in liabilities for approximately 1,200 Fund members, 95% of which are deferred members. The transaction, which was finalised in December, is the fifth buy-in since 2016 and takes ... Read the full article
L&G in £49m pension buy-in with Triumph International
17th December 2021
Legal & General Assurance Society Limited (L&G) has agreed a £49 million full-scheme buy-in transaction with the Triumph International Pension Scheme, covering around 140 deferred and 210 retired members. The sponsoring company, Triumph International Limited designs and distributes women's and men's underwear, leisurewear and sportswear. Legal & General agreed to lock the ... Read the full article
First Superfund deal imminent following regulatory nod, says Aon
1st December 2021
Re/insurance broking giant Aon has underlined the significance of so-called Superfunds and expects the new Pension Risk Transfer (PRT) instrument to be deployed imminently. Superfunds have been introduced to help help counteract emerging gaps between the fixed sums paid out by pension schemes and the income received from investments. The driving concept ... Read the full article
PIC signs £2.2bn pension buy-in deal with packaging supplier
4th October 2021
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has signed a £2.2 billion pension insurance buy-in with the Trustee of the Metal Box Pension Scheme, guaranteeing the benefits of the scheme's 10,300 pensioners and 2,200 non-pensioner members. The intention is that this will move to buyout in ... Read the full article
Pacific Life partners with WNS for end-to-end PRT administration
30th September 2021
US life insurer Pacific Life is partnering with WNS, a provider of business process management solutions, to provide end-to-end operations support for its Pension Risk-Transfer (PRT) business. WNS will focus on transforming Pacific Life’s existing onboarding and service processes, including payment processing, accounting and data cleansing. This will be achieved via optimal ... Read the full article
Legal & General enters £250m buy-in transaction with Selecta UK Pension Plan
22nd September 2021
Legal & General has agreed a £250m buy-in transaction with the Selecta UK Pension Plan securing the benefit payments of approximately 1,000 pensioners and 1,000 deferred members. Selecta UK is Europe’s leading coffee and vending machine operator. The Plan has an existing relationship with Legal & General, having worked with Legal ... Read the full article
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