UK - Paternoster has announced it took on a further £406m in pension fund assets in the third quarter of 2007.
A 21% increase of new business quarter on quarter took the buyout firm’s transferred assets to over £600m.
Mark Wood, chief executive, Paternoster, said the figures were a further confirmation the pension buyout market was growing rapidly.
Wood commented: “Both company sponsors and trustees are increasingly recognising the merit of securing the promise to pay pensions through the backing of a regulated insurance company.”
During the first half of 2007 Paternoster said it quoted on an average of £2bn worth of business a month. This number grew as high as £4.9bn in September which led the company to consider the buyout market growing by 200-300% since 2006 a real possibility.
Previous reports from Aon, Watson Wyatt and another expected from Price Waterhouse Cooper, estimated the buyout market to be on the cusp of acceleration as companies look to rid themselves of pension fund liabilities.
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