Rothesay has launched Rothesay Radius, a dedicated bulk annuity offering for smaller UK pension schemes sized £10 million to £100 million, with no exclusivity requirement and a more streamlined quote and execution process for trustees and advisers. The launch responds to rapid growth in the sub-£100 million de-risking market, where annual transaction volumes rose from £2.8 billion in 2021 to £7.2 billion in 2025. Rothesay says it has already completed 12 such schemes in the past 18 months, worth £260 million, and will support the service with specialist teams, simplified templates, transparent price-locking, and GMP-equalised inceptions. [Source: Pensions Expert]

UK defined benefit schemes are increasingly exploring “run‑on” strategies, supported by the Pension Schemes Act’s new statutory surplus‑release powers and improved funding, but these options are realistically available only to larger schemes with more governance and risk capacity. For most small and medium schemes, insurer buy‑ins and buyouts remain the dominant endgame, with more than half of 317 public transactions between January 2023 and June 2026 below £100 million, reflecting streamlined small‑scheme propositions and insurers’ commercial need to maintain new business volumes. Consultants expect any impact of surplus flexibilities on bulk annuity demand to be marginal in the near term, with “run‑on” mainly acting as a tailwind by creating favourable pricing and competition conditions rather than displacing insurance as the preferred de‑risking route. [Source: Pensions Expert]

Hannover Re is looking to issue at least $125 million 3264 Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American named storms and earthquakes in the US, DC and Canada, and Gulf coast named storms and Florida named storm events in the Gulf and Florida, on an annual aggregate industry-loss basis and per-occurrence industry-loss basis. [Source: Artemis.bm]

The Royal Institute of British Architects 1974 Staff Pension Scheme has completed a buy-in with Pension Insurance Corporation for £35 million, securing the benefits of 168 members in the United Kingdom. [Source: PensionsAge]

The Los Angeles Department of Water and Power is looking to issue at least $100 million 123 Lights Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from wildfire events in the state of California on an industry loss index basis. [Source: Artemis.bm]

Fidelis Partnership linked Syndicate 3123 at Lloyd’s will issue $75 million Arthur Re Ltd. – Woody Re 2026-1 single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfire events across the 50 states of the US and DC, with named storm and earthquake coverage also in Puerto Rico and the US Virgin Islands and earthquake coverage additionally in Canada, on an annual aggregate, industry loss index trigger basis. [Source: Artemis.bm]

Everest Re will issue $350 million Kilimanjaro III Re Ltd. (Series 2026-1) and $280 million Kilimanjaro III Re Ltd. (Series 2026-2) two-tranche three-year catastrophe (CAT) bonds, versus the original combined $530 million. They will cover losses from named storms and earthquakes impacting the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada on a regionally weighted industry-loss trigger basis. [Source: Artemis.bm]

An unnamed energy industry pension scheme has completed a buy-in bulk purchase annuity with Canada Life for £55 million, covering more than 250 pensioners and 450 deferred members in the United Kingdom.

Gothaer Allgemeine Versicherungs AG will issue its targeted €100 million Yardstick Re DAC (Series 2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from major inland and coastal flood events in Germany on an indemnity per-occurrence basis. [Source: Artemis.bm]

Porch Group is looking to issue at least $100 million Harbor Crest Re Ltd. Series 2026-1 single-tranche roughly four-year catastrophe (CAT) bonds. They will cover losses from named storms, winter storms, severe weather events, wildfire, and fire-following earthquake events across the 50 states of the US and D.C. on an indemnity and per-occurrence basis. [Source: Artemis.bm]

AXA XL issued $67.5 million Galileo Re Ltd. (Series 2026-1) single-tranche almost two-year catastrophe (CAT) bonds. They will cover industry loss based retrocessional protection for XL Bermuda Ltd. on an industry loss index basis. [Source: Artemis.bm]

Mercury General Corporation will issue $150 million Luca Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from wildfire and fire-following earthquake in the state of California on an indemnity and per-occurrence basis. [Source: Artemis.bm]

Swiss Re is looking to issue at least $275 million Matterhorn Re Ltd. (Series 2026-3) five-tranche four-year catastrophe (CAT) bonds. They will cover losses from earthquake and named storm perils across all 50 United States (with some tranches limited to California or excluding Hawaii), the District of Columbia, and Canada on an industry-loss index basis across aggregate and per-occurrence structures. [Source: Artemis.bm]

An unnamed energy industry pension scheme in the United Kingdom has completed a £55 million buy-in with Canada Life, covering more than 700 members in total, comprising over 250 pensioners and 450 deferred members. [Source: PensionsAge]

Arthur Re Ltd. is looking to issue at least $60 million Arthur Re Ltd. – Tranquil Re 2026-1 single-tranche two-year catastrophe (CAT) bonds. They will cover losses from US named storms and earthquakes in the United States on an per-occurrence and industry loss index basis. [Source: Artemis.bm]

Achmea will issue €100 million Windmill III Re DAC (2026-1) single-tranche four-year catastrophe (CAT) bonds, versus the original €75 million target. They will cover losses from European windstorm and certain severe convective or thunderstorm risks, including hail and tornadoes, across all major European windstorm-exposed countries, on an indemnity and per-occurrence basis. [Source: Artemis.bm]

Arch Capital Group will issue $150 million Ramble Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from significant US Northeast named storm events and US or Canada earthquake loss events on an per-occurrence and weighted industry loss index basis. [Source: Artemis.bm]

Fidelis Partnership linked Syndicate 3123 at Lloyd’s is looking to issue at least $75 million Arthur Re Ltd. – Woody Re 2026-1 single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfire events across the 50 states of the US and DC, with named storm and earthquake coverage also in Puerto Rico and the US Virgin Islands and earthquake coverage additionally in Canada, on an annual aggregate, industry loss index trigger basis. [Source: Artemis.bm]

NJM Insurance will issue $250 million Lower Ferry Re Ltd. (Series 2026-1) three-tranche three-year catastrophe (CAT) bonds, versus the original $150 million target. They will cover losses from US named storms across the Northeast US states of New Jersey, Pennsylvania, Delaware, New York, Connecticut, Maryland and Ohio on an indemnity and per-occurrence basis. [Source: Artemis.bm]

The U.K.-based Lowman Pension Scheme has completed a full-scheme bulk purchase annuity buy-in with Legal & General, securing the benefits of 115 uninsured members, comprising 52 deferred members and 63 pensioners, in the United Kingdom. The transaction used Legal & General’s Flow solution for smaller schemes and completed in March 2026. [Source: L&M Investor]

Pensions Expert published an article that argues that improved funding levels, new insurer entrants and streamlined processes have turned small defined benefit bulk annuity transactions (below £100 million) into a core, highly competitive segment of the de‑risking market, with more than half of over 300 deals in the past three years under this threshold. Insurers have invested in technology and standardized workflows, reducing marginal costs and making smaller deals operationally viable, while consultants have created dedicated small‑scheme services. As competition has increased, insurer margins on small transactions have fallen toward those on larger deals, but smaller cases remain attractive because they provide a steady, less “lumpy” flow of business that can smooth insurers’ financial results. [Source: Pensions Expert]

Everest Re is looking to issue at least $530 million Kilimanjaro III Re Ltd. (Series 2026-1) and Kilimanjaro III Re Ltd. (Series 2026-2) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes impacting the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada on a regionally weighted industry-loss trigger basis. [Source: Artemis.bm]

The Massachusetts Property Insurance Underwriting Association (MPIUA) will issue the targeted $150 million Mayflower Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from Massachusetts named storms, severe thunderstorms and winter storms in Massachusetts on an indemnity and annual aggregate basis. [Source: Artemis.bm]

The Hartwell Pension Plan (1971), sponsored by vehicle distribution company Hartwell, has completed a £160 million buy-in with Just Group covering 1,689 pensioners and 672 deferred members in the United Kingdom. Just Group is targeting full buy-out within 18 months and will undertake guaranteed minimum pension equalisation work itself to support the transition. [Source: Pensions Expert]

Arch Capital Group is looking to issue at least $100 million Ramble Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from significant US Northeast named storm events and US or Canada earthquake loss events on an per-occurrence and weighted industry loss index basis.

Gothaer Allgemeine Versicherungs AG is looking to issue at least €100 million Yardstick Re DAC (Series 2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from major inland and coastal flood events in Germany on an indemnity per-occurrence basis. [Source: Artemis.bm]

The Hanover Insurance Group, Inc. will issue $150 million Commonwealth Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds, versus the original target of $100 million. They will cover losses from US named storm, earthquake, severe thunderstorm, winter storm and wildfire across the United States on an indemnity and per-occurrence basis. [Source: Artemis.bm]

California Earthquake Authority (CEA) will issue $425 million Sutter Re Ltd. (Series 2026-1) two-tranche four-year catastrophe (CAT) bonds, versus the original $300 million target. They will cover losses from earthquakes in California on an indemnity and annual aggregate basis. [Source: Artemis.bm]

Allstate issued $30 million Sanders Re III 2026-3 single-tranche one-year zero-coupon catastrophe (CAT) bonds. They will cover losses from multiple perils affecting its policies in Florida on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Achmea is looking to issue at least €75 million Windmill III Re DAC (2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from European windstorm and certain severe convective or thunderstorm risks, including hail and tornadoes, across all major European windstorm-exposed countries, on an indemnity and per-occurrence basis. [Source: Artemis.bm]