Co-op enters £425m buy-in in PIC's first deal of 2019

The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
The deal - completed earlier this week - accounts for just over a third (35%) of the scheme's liabilities, which were £1.2bn as at 31 March 2017, according to its most recent data. The scheme had £1.13bn...
More on Risk Reduction
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.
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.