Legal & General (L&G) has reinsured the longevity risk relating to £1.35bn of bulk annuity contracts with Prudential Retirement Insurance and Annuity Company (PRIAC).
L&G holds £24.6bn in bulk annuity assets as of June 30 2014 and has completed £3.1bn in new transactions in the half year to June 30 2014. The transaction will pass on the longevity risk associated...
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
There has been a 30% reduction in the number of small scheme buy-in and buyout transactions, highlighting how insurer attention has shifted towards larger deals.
Aviva Life and Pensions UK has completed a £1.7bn bulk annuity buy-in with the Aviva Staff Pension Scheme.
Many schemes are actively thinking about defined benefit (DB) consolidation and are waiting in the wings for the superfunds to prove themselves before engaging, Clara says.
Mega-deals have dominated the buy-in and buyout market this year, limiting insurer appetite for smaller transactions. John Breedon looks at how small schemes can get ahead for next year.