Aon has appointed Mike Edwards as a partner in its risk settlement team to support the growth of its business offerings in the UK.
Edwards joined the consultancy on 5 March and reports to senior partner and head of risk settlement Martin Bird.
He joins from Scottish Widows where he oversaw the launch and development of the company's bulk annuity business and completion of over £2.5bn of transaction as head of origination and structuring, a role he acquired in 2015.
Commenting on the appointment, Bird said: "In a year where we expect transaction values to reach £30bn, Mike Edward's extensive experience across the full range of bulk annuity and liability settlement solutions is an excellent addition to our existing team.
"As we move towards the end of the first quarter of 2018, we are seeing an increasing number of schemes positioning themselves to undertake de-risking activity during the year and I am sure that many of these will appreciate Mike's involvement and the expertise he can bring to bear on their eventual transactions."
Previously, Edwards was head of solutions at Legal and General's bulk annuity team from 2013 to 2015, and was senior manager at KPMG for seven years prior. In total, he has over 14 years' experience specialising in risk settlement solutions in the pensions and insurance industry.
The appointment comes after longevity hedging volumes in 2017 far exceeded those in previous years with £6.4bn worth of liabilities insured compared to £2.6bn in 2016. This year, consultants are forecasting some £10bn of liabilities will be hedged, while the buy-in and buyout market is set to exceed £15bn.
Already this year, Aviva completed a £187m bulk annuity deal of the Sea Containers 1983 Pension Scheme, while Rothesay Life agreed a £450m bulk annuity of the Royal Mail Pension Plan, which insured all 5,700 pension scheme members, in February.
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