IRELAND - Lucida is to reinsure an initial €110m (US$160.1m) of Bank of Ireland Life's existing corporate pension annuity business, in the first deal of its kind.
Margaret Snowden, operations director, Lucida, told Global Pensions: "As we have expertise in longevity we can take care of this risk going forward.
"Through this deal we are not paying the pensions directly, but insuring the assets behind them. In this buyout market, every deal is different."
Snowden confirmed this was the insurance company's first transaction since its authorisation to trade was agreed in November 2007.
Following this deal, Snowden confirmed the company had received a significant number of requests for quotations.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers