The Black Arrow Group Ltd Pension and Assurance Scheme has completed a £7m buy-in with Pension Insurance Corporation (PIC).
The deal – supported by the scheme's sponsor, asset-based lending firm Black Arrow Group – secured the benefits of 61 members, covering all remaining members not previously insured and represented a further step in reducing risk for the scheme.
Isio facilitated the deal – working with the scheme in an advisory capacity for over seven years and acting as lead adviser to the trustees throughout the insurance process – supporting preparation, insurer engagement, and transaction execution.
It said the transaction reduces the scheme's exposure to longevity, investment, and inflation risks and provides increased long-term security to the members.
Independent trustee to the scheme and director of Birchmoor John Sharp said: "We're pleased to have worked with the sponsor and advisers to deliver a positive outcome for members. The transaction shows that, even in a busy market, it is possible for schemes of this size to engage constructively with insurers and secure improved long-term security for members' benefits."
Isio director Dan Sherratt added: "I'm really pleased we have been able to achieve this result for the scheme – having worked very closely with the trustees, sponsor and other advisers over multiple years. This collaborative approach resulted in a timely transaction being agreed; providing further benefit security for scheme members and reducing risk for the scheme."
PIC head of new business strategy Deepash Amin continued: "This transaction has enabled the remaining liabilities of the Black Arrow Group scheme to be insured, helping to provide long-term security for members' benefits. It demonstrates our continued commitment to working constructively with trustees and advisers across a wide range of scheme sizes."
PIC has completed several bulk annuity transaction in the last few months, including a £155m multi-scheme buy-in deal with Vistry; a £55m buy-in with Bibby Line Group; a £213m buy-in with the Siemens Healthineers UK Benefits Scheme; a £6.6m buy-in deal with Primula, and a £37m buy-in with Dr. Martens.
Last year, Athora agreed to acquire the insurer's ultimate parent company PIC Group for £5.7bn – which it said, subject to regulatory approval, is expected to close early this year.
