L&G teams up with US insurers for first North American bulk annuity deal
Legal and General (L&G) has completed its first bulk annuity deal in the US, entering a joint agreement with Prudential Insurance Company of America to insure $900m (£595m) of liabilities in the Royal Philips scheme.
The transaction will split the payment of pensions to the scheme's 14,000 pensioner members equally between the two insurers. A third company, American United Life Insurance Company, will insure 3,000...
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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.
Long-term Covid uncertainty makes longevity hedging more valuable
The uncertainty surrounding the potential impact of so-called long Covid and behavioural changes heightens the need for schemes to increase their longevity hedging, says Prudential Financial.
Rothesay secures £7bn of pension benefits
Rothesay wrote £7bn of bulk annuity business over the course of last year, with 12 further schemes now benefitting from the insurer’s policies.
Deutsche Bank agrees £570m buy-in with L&G
Deutsche Bank AG has agreed a £570m pensioner buy-in with Legal & General for the defined benefit (DB) (UK) Pension Scheme.
Insurers set to reach FTSE heights with £1trn of pension risk transferred in ten years
Around £1trn of pension risk could be insured by just over a decade’s time as bulk annuity volumes grow rapidly, also boosting insurers’ rankings in the FTSE 100, according to Hymans Robertson.
