PICA launches reinsurance counterparty to back UK bulk annuities
Prudential Insurance Company of America (PICA) has launched a reinsurance counterparty, lending support to insurers that account for more than 90% of the UK pension risk transfer market.
A subsidiary of American financial services firm Prudential Financial, which has more than $1trn in assets under management (AuM), the insurer has partnered with Phoenix Group to provide a longevity reinsurance...
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Phoenix concludes £2.5bn of bulk annuities after £730m buy-in with own scheme
Phoenix Group completed £2.5bn of buy-ins and buyouts over the course of 2020, including a bulk annuity deal with one of its own schemes.
CMI finds modest fall in cohort life expectancy after zero-weighting Covid data
The Continuous Mortality Investigation (CMI) has found a lower cohort life expectancy for both men and women in its 2020 table, even after zero-weighting data related to Covid.
Rothesay agrees £120m buy-in with Reach
Rothesay has concluded a £120m buy-in with the West Ferry Printers Pension Scheme, covering all remaining pensioner and deferred liabilities.
MetLife reinsures $5bn of Rothesay liabilities
The Metropolitan Tower Life Insurance Company (MetLife) has reinsured approximately $5bn (£3.6bn) of Rothesay pension liabilities.
Industry Voice: The bulk annuity market for small schemes
Although 2020 was a challenging year, Aon's Dave Barratt says the bulk annuity market was very resilient, with a well-functioning insurance market, large volumes of business written and 2020 finishing up as the second busiest year on record.
