ART

2152 bookmarks
Custom sorting
Which companies are driving UK bulk annuity activity? (Pensions Expert)
Which companies are driving UK bulk annuity activity? (Pensions Expert)
Pensions Expert analyze which advisory firms—beyond insurers—are driving the UK defined benefit (DB) bulk annuity market, finding CMS law firm dominant over three years with 53 of 262 deal announcements (20%) and £27.1 billion in transactions, ahead of Eversheds Sutherland (45 deals) and Gowling WLG (32). More than 350 transactions completed in 2025—a record—with sub-£100 million deals exceeding 85% of H1 volume; Just Group and Aviva led among insurers. H1 2026 continued the small-scheme trend, with a potential return of large schemes in H2 likely to shift capacity and pricing. A structural concern is that trustee boards apply less scrutiny to adviser selection than to insurer selection, leaving governance gaps in a market with over £1 trillion in remaining DB liabilities. [Pensions Expert]
#Pensions#ART#Longevity#UnitedKingdom
·pensions-expert.com·
Which companies are driving UK bulk annuity activity? (Pensions Expert)
Pension risk transfer volumes expected to reach up to £40bn in 2026 (PensionsAge)
Pension risk transfer volumes expected to reach up to £40bn in 2026 (PensionsAge)
Standard Life projects U.K. pension risk transfer volumes of £35 billion to £40 billion in 2026, signaling a still-elevated de-risking pipeline despite some schemes pausing to reassess endgame options after recent legislative changes. Activity to date has been driven by smaller and mid-sized bulk purchase annuity transactions, but a pivot toward multi‑billion‑pound cases in the second half could materially alter annual volumes and pricing, given insurer capacity constraints. The article frames a window where favorable pricing and strong insurer appetite coexist with uncertainty over run‑on, insurance, and surplus‑use rules, leaving trustees split between moving now via buy‑in or buyout versus waiting for clearer regulation and more detailed guidance on non‑price dimensions such as member communications and transition processes. [PensionsAge]
#Pensions#UnitedKingdom#Longevity#ART
·pensionsage.com·
Pension risk transfer volumes expected to reach up to £40bn in 2026 (PensionsAge)
Brightwell to administer Rolls-Royce scheme following buyout (Pensions Expert)
Brightwell to administer Rolls-Royce scheme following buyout (Pensions Expert)
Pension Insurance Corporation has completed a £4.3 billion full buyout of the Rolls-Royce Pension Fund and outsourced ongoing administration to Brightwell, which will absorb the in-house administration team. The transaction converts 36,000 defined benefit members into insurance policyholders and illustrates the operational model where specialist fiduciary administrators scale bulk annuity endgame servicing alongside insurers. This reinforces the U.K. trend toward insurer-backed de-risking with third-party administration platforms, while leaving open longer-term questions about service quality, cost pass-through, and resilience as more large schemes pursue rapid buyout timelines. [Pensions Expert]
#Pensions#UnitedKingdom#Longevity#ART
·pensions-expert.com·
Brightwell to administer Rolls-Royce scheme following buyout (Pensions Expert)
World Bank starts work on up to $190m Nepal parametric quake CAT bond (Artemis.bm)
World Bank starts work on up to $190m Nepal parametric quake CAT bond (Artemis.bm)
The World Bank (IBRD) has begun work on a potential three‑year parametric earthquake catastrophe (CAT) bond for Nepal, providing approximately $80 million of cover for a one‑in‑twenty‑year event and up to $190 million for a one‑in‑one‑hundred‑year event via fully collateralized capital‑markets funding. The project, with an estimated $20 million cost for premiums and preparatory work, would likely use the IBRD Capital‑At‑Risk Notes Program to intermediate insurance‑linked securities investors and deliver rapid, rules‑based payouts triggered by physical earthquake parameters, aiming to fill a critical sovereign disaster‑risk‑financing gap highlighted by the 2015 quake that caused damages around one‑third of Nepal’s gross domestic product. [Artemis]
#CAT#ILS#WorldBank#Nepal#ART#Earthquake
·artemis.bm·
World Bank starts work on up to $190m Nepal parametric quake CAT bond (Artemis.bm)
Hannover Re secures 60% upsized $200m 3264 Re 2026-1 retro cat bond (Artemis.bm)
Hannover Re secures 60% upsized $200m 3264 Re 2026-1 retro cat bond (Artemis.bm)
Hannover Re will issue $200 million 3264 Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $125 million target. 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]
#CAT#ILS#ART#Canada#UnitedStates
·artemis.bm·
Hannover Re secures 60% upsized $200m 3264 Re 2026-1 retro cat bond (Artemis.bm)
Porch secures debut $100m Harbor Crest Re 2026-1 cat bond at lower pricing (Artemis.bm)
Porch secures debut $100m Harbor Crest Re 2026-1 cat bond at lower pricing (Artemis.bm)
Porch Group will issue its targeted $100 million of 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]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Porch secures debut $100m Harbor Crest Re 2026-1 cat bond at lower pricing (Artemis.bm)
U.S. Pension Risk Transfer Sales Total Nearly $4 Billion in Q1 2026 (LIMRA)
U.S. Pension Risk Transfer Sales Total Nearly $4 Billion in Q1 2026 (LIMRA)
The U.S. Life Insurance Marketing and Research Association (LIMRA) reports that U.S. pension risk transfer (PRT) buyout and buy-in sales fell to approximately $3.8 billion in first-quarter 2026, down 47% year over year after an exceptionally strong fourth quarter of 2025 that pulled forward deal flow. New single-premium buyout premiums dropped 57% to $3.02 billion with 85 contracts, while buy-in premiums rose 443% to $768 million on four contracts, indicating a shift in transaction mix rather than a collapse in insurer capacity. Full plan terminations represented about one-third of premiums, and total single-premium PRT assets reached $341.2 billion, up 11% from first-quarter 2025, suggesting structurally robust demand even as volumes become more episodic and sensitive to funding conditions and annuity pricing. [LIMRA]
#Pensions#UnitedStates#Longevity#ART
·limra.com·
U.S. Pension Risk Transfer Sales Total Nearly $4 Billion in Q1 2026 (LIMRA)
​Run-on Trend Creating "Safe Harbor" Insurance Opportunity for Small UK DB Schemes (Pensions Expert)
​Run-on Trend Creating "Safe Harbor" Insurance Opportunity for Small UK DB Schemes (Pensions Expert)
Growing “run-on” strategies by well-funded large defined benefit schemes are freeing insurer capacity and creating unusually favorable buyout conditions for small schemes in the United Kingdom. Larger schemes are increasingly retaining risk to use surplus and support sponsor objectives, shrinking the pipeline of large bulk annuity deals entering the traditional insurance market. Insurers are therefore redirecting underwriting and operational bandwidth toward smaller transactions, reducing the need for exclusivity arrangements and increasing the frequency of multi-insurer quotations, which in turn improves pricing and competitive dynamics. Pensions Expert data show that transactions under £100 million now constitute more than half of 317 publicized bulk annuity deals since January 2023, underlining a structural shift, while the key unresolved issue is how long this “safe harbor” window for small schemes will persist as market conditions and endgame preferences evolve. [Source: Pensions Expert]
#Pensions#UnitedKingdom#Longevity#ART
·pensions-expert.com·
​Run-on Trend Creating "Safe Harbor" Insurance Opportunity for Small UK DB Schemes (Pensions Expert)
Swiss Re secures $345m Matterhorn Re 2026-3 retro cat bond at low-end pricing (Artemis.bm)
Swiss Re secures $345m Matterhorn Re 2026-3 retro cat bond at low-end pricing (Artemis.bm)
Swiss Re will issue $345 million Matterhorn Re Ltd. (Series 2026-3) five-tranche four-year catastrophe (CAT) bonds, versus the original $275 million target. 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]
#CAT#ILS#ART#UnitedStates#Canada
·artemis.bm·
Swiss Re secures $345m Matterhorn Re 2026-3 retro cat bond at low-end pricing (Artemis.bm)
Leadenhall secures upsized $75m Tranquil Re cat bond for Nectaris Re at low-end pricing (Artemis.bm)
Leadenhall secures upsized $75m Tranquil Re cat bond for Nectaris Re at low-end pricing (Artemis.bm)
Arthur Re Ltd. will issue $75 million Arthur Re Ltd. – Tranquil Re 2026-1 single-tranche two-year catastrophe (CAT) bonds, versus the original $60 million target. 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]
#CAT#ILS#UnitedStates#ART
·artemis.bm·
Leadenhall secures upsized $75m Tranquil Re cat bond for Nectaris Re at low-end pricing (Artemis.bm)
Rothesay launches Rothesay Radius, a dedicated offering for smaller scheme transactions (Rothesay)
Rothesay launches Rothesay Radius, a dedicated offering for smaller scheme transactions (Rothesay)
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]
#ART#Longevity#Pensions#UnitedKingdom
·rothesay.com·
Rothesay launches Rothesay Radius, a dedicated offering for smaller scheme transactions (Rothesay)
How will endgame options affect the UK bulk annuity market (Pensions Expert)
How will endgame options affect the UK bulk annuity market (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]
#Longevity#Pensions#UnitedKingdom#ART
·pensions-expert.com·
How will endgame options affect the UK bulk annuity market (Pensions Expert)
Hannover Re returns for more North American retro with $125m 3264 Re 2026-1 cat bond (Artemis.bm)
Hannover Re returns for more North American retro with $125m 3264 Re 2026-1 cat bond (Artemis.bm)
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]
#CAT#ILS#ART#UnitedStates#Canada
·artemis.bm·
Hannover Re returns for more North American retro with $125m 3264 Re 2026-1 cat bond (Artemis.bm)
California utility LADWP returns for fourth wildfire cat bond, $100m 123 Lights Re (Artemis.bm)
California utility LADWP returns for fourth wildfire cat bond, $100m 123 Lights Re (Artemis.bm)
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]
#CAT#ILS#UnitedStates#ART
·artemis.bm·
California utility LADWP returns for fourth wildfire cat bond, $100m 123 Lights Re (Artemis.bm)
$75m Woody Re 2026-1 cat bond priced for Fidelis Partnership Syndicate 3123 (Artemis.bm)
$75m Woody Re 2026-1 cat bond priced for Fidelis Partnership Syndicate 3123 (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]
#CAT#ILS#UnitedStates#ART
·artemis.bm·
$75m Woody Re 2026-1 cat bond priced for Fidelis Partnership Syndicate 3123 (Artemis.bm)
Everest secures upsized $630m of retrocession from new Kilimanjaro III Re cat bonds (Artemis.bm)
Everest secures upsized $630m of retrocession from new Kilimanjaro III Re cat bonds (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]
#CAT#ILS#ART#UnitedStates#Canada
·artemis.bm·
Everest secures upsized $630m of retrocession from new Kilimanjaro III Re cat bonds (Artemis.bm)
Energy Industry Pension Scheme Completes Bulk Purchase Annuity Buy-In With Canada Life - Longevity & Mortality Investor
Energy Industry Pension Scheme Completes Bulk Purchase Annuity Buy-In With Canada Life - Longevity & Mortality Investor
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.
#Longevity#Pensions#UnitedKingdom#ART
·lminvestor.com·
Energy Industry Pension Scheme Completes Bulk Purchase Annuity Buy-In With Canada Life - Longevity & Mortality Investor
Gothaer secures €100m Yardstick Re flood catastrophe bond at lower pricing (Artemis.bm)
Gothaer secures €100m Yardstick Re flood catastrophe bond at lower pricing (Artemis.bm)
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]
#Germany#CAT#ILS#ART
·artemis.bm·
Gothaer secures €100m Yardstick Re flood catastrophe bond at lower pricing (Artemis.bm)
Porch sponsoring debut $100m Harbor Crest Re 2026-1 catastrophe bond (Artemis.bm)
Porch sponsoring debut $100m Harbor Crest Re 2026-1 catastrophe bond (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]
#CAT#ILS#UnitedStates#ART
·artemis.bm·
Porch sponsoring debut $100m Harbor Crest Re 2026-1 catastrophe bond (Artemis.bm)
Mercury secures $150m Luca Re 2026-1 cat bond, priced 19% below mid-guidance (Artemis.bm)
Mercury secures $150m Luca Re 2026-1 cat bond, priced 19% below mid-guidance (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]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Mercury secures $150m Luca Re 2026-1 cat bond, priced 19% below mid-guidance (Artemis.bm)
Swiss Re targets broad North American retro with $275m Matterhorn Re 2026-3 cat bond (Artemis.bm)
Swiss Re targets broad North American retro with $275m Matterhorn Re 2026-3 cat bond (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]
#CAT#ILS#UnitedStates#Canada#ART
·artemis.bm·
Swiss Re targets broad North American retro with $275m Matterhorn Re 2026-3 cat bond (Artemis.bm)
Leadenhall backed Nectaris Re targets $60m Tranquil Re 2026-1 catastrophe bond (Artemis.bm)
Leadenhall backed Nectaris Re targets $60m Tranquil Re 2026-1 catastrophe bond (Artemis.bm)
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]
#CAT#ILS#ART#UnitedStates
·artemis.bm·
Leadenhall backed Nectaris Re targets $60m Tranquil Re 2026-1 catastrophe bond (Artemis.bm)
Achmea secures one-third upsized €100m Windmill III Re 2026-1 catastrophe bond (Artemis.bm)
Achmea secures one-third upsized €100m Windmill III Re 2026-1 catastrophe bond (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]
#CAT#ILS#Europe#ART
·artemis.bm·
Achmea secures one-third upsized €100m Windmill III Re 2026-1 catastrophe bond (Artemis.bm)
Arch Capital secures 50% upsized $150m Ramble Re 2026-1 retro cat bond at low-end pricing (Artemis.bm)
Arch Capital secures 50% upsized $150m Ramble Re 2026-1 retro cat bond at low-end pricing (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]
#CAT#ILS#ART#Canada#UnitedStates
·artemis.bm·
Arch Capital secures 50% upsized $150m Ramble Re 2026-1 retro cat bond at low-end pricing (Artemis.bm)