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.
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
Pension Risk Transfer volumes fall in first-half 2021
13th August 2021
According to a new report by Hymans Robertson, the total pension scheme buy-in and buy-out volumes over the first half of 2021 are expected to reach over £8 billion. Due to these volumes being lower than insurers would have expected, Hymans Robertson believes that there will still be opportunities for schemes ... Read the full article
Pension risk transfer markets stabilise after pandemic pullback: L&G
10th August 2021
A new report from Legal & General shows a robust deal pipeline for the second half of the year for both the US and UK pension risk transfer (PRT) markets, following a pandemic-induced slowdown in 2020. The Legal & General Group’s global pension risk transfer businesses, Legal & General Retirement Institutional ... Read the full article
Athene secures $4.9bn pension risk transfer with Lockheed Martin
4th August 2021
Financial services company Athene has closed a significant pension risk transfer (PRT) transaction with Lockheed Martin involving the transfer of $4.9 billion in pension obligations. Athene's wholly-owned subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York, have agreed to provide annuity benefits for approximately ... Read the full article
L&G inks £130mn pension buy-in with QinetiQ scheme
17th June 2021
Legal & General has completed a £130m buy-in transaction with the QinetiQ pension scheme, covering the benefits for over 390 new retirees since a previous buy-in in April 2019. The deal marks the scheme’s first buy-in transaction with L&G and, as part of the agreement, an umbrella contract was established which ... Read the full article
L&G inks two PRT deals with TUI pension trust
2nd June 2021
Legal & General has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust, including a £610 million partial buy-in for the BAL section and a £184 million full buy-in for the TAPS section. This deal marks the first PRT transaction between the two parties, with L&G ... Read the full article
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