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.
New York Times Company in $235mn pension transfer deal with MassMutual
16th October 2020
The New York Times Company has announced that it has entered into a pension risk transfer agreement with Massachusetts Mutual Life Insurance Company (MassMutual). Approximately $235 million will be transferred to MassMutual in pension obligations under The New York Times Companies Pension Plan. This arrangement is part of the company’s continued effort ... Read the full article
L&G Retirement America records $628mn of Q3 premium
16th October 2020
Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has recorded more than $628 million in premiums for the third quarter of 2020. The figure brings LGRA’s total amount of premiums written this year to nearly $1 billion. From July to September, ... Read the full article
L&G in £275m buy-in transaction with Hitachi Pension Scheme
26th August 2020
Legal & General (L&G) has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme. This is L&G’s first deal with the scheme, and covers the scheme’s remaining uninsured deferred members and retirees since the it underwent its first buy-in transaction with Scottish Widows in 2018. By ... Read the full article
Prudential closes final pension de-risking transaction with Boise Cascade
19th August 2020
Prudential Retirement, a business unit of Prudential Financial, Inc., has completed the firm’s fourth and final pension de-risking transaction with Boise, Idaho-based wood products manufacturer and building materials distributor Boise Cascade Company. Prior to this final transaction, Boise Cascade had transferred US pension plan assets to Prudential in three phases of ... Read the full article
L&G completes £530m pension risk transfer for Siemens Benefits Scheme
19th August 2020
Legal & General today announced that it has completed a £530 million buy-in for the Siemens Benefits Scheme, a pension fund of the international company. The arrangement with the scheme will ensure benefits of more than 2,000 UK retirees will be secured. This buy-in marks the Scheme’s first Pension Risk Transfer transaction ... Read the full article
Cost of retiree pension risk transfer rises in June: Milliman
11th August 2020
During June, the estimated cost to transfer retiree pension risk to an insurer rose 70 basis points, from 103.9% of a plan's total liabilities to 104.6% of those liabilities. This is according to global consulting and actuarial firm Milliman, which recorded the rising cost in the latest results of its Milliman ... Read the full article
L&G expects pension risk transfer activity to continue apace
10th August 2020
Legal & General Retirement Institutional has announced that despite COVID-19, 2020 is expected to be the second largest year on record for the pension risk transfer (PRT) market. UK PRT is expected to transact £20bn to £25bn, which demonstrates the resilience of this marketplace. Since L&G’s market entry in 2015, their US ... Read the full article
AIG expands pension risk transfer reinsurance activities in Q2
6th August 2020
American International Group (AIG), the global insurance and reinsurance player, has expanded its activities in the pension risk transfer space during the second-quarter of this year. Reporting its results recently, AIG highlighted the Life and Retirement business segment as one experiencing strong premium growth. AIG explained that its Life and Retirement division ... Read the full article
Legal & General completes £100mn pension bulk annuity transaction
31st July 2020
Life insurer Legal & General announced that it has agreed a £100 million bulk annuity transaction with the Trustee of the Countrywide Farmers Retirement Benefits Scheme, securing the benefits of 360 deferred members and 712 retirees. The Scheme entered the Pension Protection Fund (PPF) assessment in March 2018 following the insolvency ... Read the full article
Just Group completes £5mn buy-in with the Premaberg pension plan
23rd July 2020
Life insurer Just Group has completed a £5 million annuity buy-in transaction with pension plan of Premaberg Holdings, a UK manufacturer of separation and filtration systems for marine, offshore, rail and HVAC applications. The transaction was completed using Mercer’s streamlined quotation service. A statement from Premaberg Holdings described the deal as a ... Read the full article
Longevity reinsurance market to end 2020 strong after a resilient H1: Prudential
13th July 2020
Prudential Retirement, part of Prudential Financial, Inc., has announced that it closed a significant $1.7 billion in new longevity reinsurance transactions during the first six months of 2020, and that it expects the market to end the year in a strong position. The company attributes its busy and successful start to ... Read the full article
UBS UK pension scheme secures £1.4bn longevity swap with Zurich
8th July 2020
The UBS (UK) Pension and Life Assurance Scheme has entered into a longevity swap transaction with Zurich that covers roughly £1.4 billion of its defined benefit (DB) pensioner liabilities. The longevity swap covers the majority of the Scheme’s DB pensioners and will protect the Scheme against the risk of the covered ... Read the full article
Willis Pension Scheme in £1bn longevity swap with reinsurer Munich Re
30th June 2020
The Willis Pension Scheme has entered into a longevity swap transaction with global reinsurance giant Munich Re, under which the reinsurer will manage the longevity risk in relation to c£1 billion of pensioner liabilities. This longevity reinsurance transaction covers roughly 3,500 Scheme members, providing long-term protection for the Scheme against additional ... Read the full article
MetLife enters UK longevity reinsurance market with PIC transaction
18th June 2020
Metropolitan Tower Life Insurance Company, a wholly owned subsidiary of MetLife, Inc., will provide reinsurance to Pension Insurance Corporation (PIC) for longevity risk associated with roughly £280 million of pension liabilities. This transaction signals MetLife's entry into the UK longevity reinsurance marketplace and positions the firm as a reinsurance solution for ... Read the full article
L&G completes £650mn buy-in with the 3i Group Pension Plan
27th May 2020
Legal & General (L&G) has continued its partnership with the 3i Group Pension Plan, completing a £650 million buy-in with the Trustees of the Plan. The latest agreement provides a policy which matches the benefits of roughly 280 pensioners and 570 deferred members. This deal follows on from the pensioner buy-ins undertaken ... Read the full article
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