UK - Paternoster, the pension fund buyout company, announced its 2007 premium income to be £1.4bn (US$2.7bn) or an 1151% increase on 2006 figures.
Mark Wood, chief executive, Paternoster, commented: "Several important benchmarks were achieved in the fourth quarter: we saw the largest ever bulk transaction at £800m, the largest e-auction to date with Eni Lasmo at £150m and the first full immediate de-risking of a company's obligations in respect its pension scheme with Emap at £170m."
At the end of 2007, Paternoster had taken on the liabilities of 17,721 pensioners and 4,100 scheme members.
Wood said an intense period of issuing quotations over the summer lead to a record number of transactions in the fourth quarter of 2007.
He added Paternoster had issued a record £3.5bn in quotations in the week before to Christmas 2007, this lead him to estimate the total market value for last year would be double that of 2006.
Wood concluded: "There is clear evidence of rapidly growing momentum in this important market. Trustees recognise the increased security for scheme members as a result of transferring the obligations of their defined benefit pension plan to an insurance company."
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