UK - P&O has partially transferred its pension fund to Paternoster in a deal worth £800m.
Paternoster was expected to receive about £800m of P&O's bond portfolio as part of the deal.
The P&O fund was in deficit when it was taken over by Dubai based DP World last year, but according to reports the fund is in now in good health following top ups by the sponsor.
The deal was thought to be the largest buyout ever transacted in the UK.
Rita Powell, head of pensions, P&O Group, said: "This is excellent news for the P&O pensions scheme as it now has the added security of a specialist regulated insurance company, and this is in addition to the ongoing support of a strong global company in P&O Steam Navigation."
Mark Wood, chief executive, Paternoster, added: "The great benefit of this arrangement is that P&O pensioners now have the additional security of the solvency capital which we hold as a regulated insurance company. This is an extremely important transaction for our market."
PricewaterhouseCoopers (PwC), which advised P&O on the deal, said it was also working with a number of other FTSE100 companies to explore their pension buy-out options. It said it expected an energetic increase in activity next year.
Marc Hommel, pensions partner at PwC, said: "Around half the FTSE100 have pensions liabilities of over a billion pounds. Many of these organisations now view the loss of control of pension financing as being too painful and are seeking to offload pensions to enable them to better manage corporate capital."