UK - Bulk annuity business nearly tripled to £8.2bn (US$12.3bn) in 2008, latest research from Aon Consulting reveals.
It said the number of organisations who were writing business had almost doubled to 11 during the last 12 months - and noted market share also shifted significantly between the providers.
It said Legal & General wrote most business during the year - completing 173 deals worth a total of £1.8bn.
Pension Insurance Corporation completed five deals worth a total of £1.7bn; Prudential finalised four deals worth a total of £1.4bn; and Paternoster completed a total of 13 deals worth £1.1bn.
Aon Consulting principal and actuary Paul Belok said - while 2008 saw only a 5% increase overall in the number of cases placed - the value of those deals soared by 190%.
He said: "During the year, most providers witnessed an unprecedented level of interest from defined benefit pension schemes and their sponsors.
"The big driver for growth was pensioner buy-ins, whereby a bulk annuity policy is secured for current pensioners and then being held by the scheme as an investment - about two-thirds of the cases over £100m were on this basis."
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.