ART

U.K.-based department store group Fenwick's pension schemes have completed buy-in transactions totaling £113 million with Aviva, securing all remaining benefits for members. They follow a series of deals between the parties dating back to 2012. [Source: PensionsAge]

Artex Risk Solutions privately issued $15 million Kettering catastrophe (CAT) bonds that mature on March 31, 2026. [Source: Artemis.bm]

Swiss Re will issue $100 million Matterhorn Re Ltd. (Series 2025-3) two-tranche three-year catastrophe (CAT) bonds versus the original target $75 million target. They will cover losses from North American earthquakes (excluding Hawaii) on an annual aggregate and weighted PCS industry loss index trigger basis. [Source: Artemis.bm]

A former IBM employee has filed a federal lawsuit alleging that IBM and its fiduciary partner State Street Global Advisors violated pension law by transferring $14 billion in pension obligations to Prudential Insurance Company of America, which the complaint characterizes as an “unsafe insurer.” The lawsuit involves two major transactions: a $16 billion transfer in September 2022 covering approximately 100,000 retirees (split equally between Prudential and MetLife), and a $6 billion transfer to Prudential in September 2024 covering 32,000 retirees. The complaint argues that these pension risk transfers removed retirees from federal ERISA protections and Pension Benefit Guaranty Corporation insurance, replacing these safeguards with group annuities from Prudential.  The lawsuit seeks court-ordered restoration of equivalent protections and damages representing the cost difference between Prudential’s annuities and what the plaintiffs claim would have been “the safest annuity available.”  Prudential has denied the allegations and characterized the lawsuit as an attack on state insurance regulation and the pension risk transfer industry. [Source: Plan Advisor]

According to Aon there were 264 U.S. pension risk transfer (PRT) transactions totaling $11.3 billion in premium during the first half of 2025—split between $5.2 billion in lift-outs, $5.7 billion in plan terminations, and $0.4 billion in buy-ins. There was only one "jumbo" ($1 billion+) deal, and a notable slowdown in "micro" (<$10 million) transactions, mostly due to fewer small plan terminations. Insurers, faced with fewer jumbo and micro deals, focused on mid-sized business, leading to more bidders and competitive pricing. Key issues for the rest of 2025 include ongoing litigation about fiduciary selection of insurers (notably Athene). [Source: Aon]

According to Ann Securities, the alternative capital markets have experienced the most active and dynamic twelve-month period in insurance-linked securities (ILS) market history, with alternative capital reaching $121 billion as of June 30, 2025. Catastrophe bonds continue to be the key area of growth with issuances surpassing $21.7 billion in the twelve-month period running from July 2024 to June 2025 (the “relevant Period”), strongly supported by growth in sidecar activity across various lines of business. Total outstanding catastrophe bond volume increased by $9 billion during the relevant Period to a record $54 billion as of June 30, 2025, representing a 19% increase since June 30, 2024. Sidecars also continued their strong multi-year growth with an estimated outstanding capital increase to $17 billion as of June 30, 2025. [Source: Aon Securities]

Ryan Specialty has established a $400 million collateralized reinsurance sidecar called Ryan Alternative Capital Re, Ltd., funded by Flexpoint Ford and Sixth Street, and structured in partnership with AXIS Capital. This innovative facility provides multi-year, multi-class capacity—enabling about $900 million in premium support—for Ryan Specialty’s delegated authority property and casualty insurance business, including both catastrophe and non-catastrophe risks. Supported by capital from investors and utilizing AXIS’s Lloyd’s platform, the deal highlights the growing role of capital markets in expanding insurance capacity through reinsurance sidecars. [Source: Artemis.bm]

An unnamed pension scheme in the aviation industry successfully completed a £3.8 million full scheme buy-in with Just Group, securing the benefits of all members except those already covered by existing annuities. [Source: PensionsAge]

Willis Towers Watson (WTW) published an article that compares the pension risk transfer (PRT) markets in the United States and the United Kingdom, highlighting their significant expansion and key structural differences. In both countries, PRT allows employers to transfer pension liabilities to insurers, but the U.K. market typically features routine inflation adjustments and more standardized benefit structures with guaranteed minimum pensions, whereas U.S. plans rarely provide inflation protection but offer wider payment options. In contrast, U.S. plans often feature frozen benefits, a wider range of payout choices, and more flexibility in early retirement provisions. U.K. regulations impose more stringent capital requirements on insurers, leading many to utilize reinsurance arrangements such as longevity swaps to maintain capacity. The definitional variance in "deferred lives" terminology between the two jurisdictions further complicates cross-border analysis, as U.K. usage refers specifically to inactive members not yet claiming benefits, while U.S. usage encompasses all non-beneficiaries. These distinctions have material implications for actuarial calculations, pricing models, and risk assessment methodologies that insurers must consider when operating across both markets. [Source: WTW]

The BDO ES Pension Scheme and the BDO Pension Scheme have finalized a £60 million buy-in with Just Group, securing the pension benefits for over 1,000 members. This transaction fully insures all liabilities for both 291 deferred and 712 pensioner members. Sponsored by BDO LLP, the completion required resolving legacy benefit complexities from prior mergers and acquisitions. [Source: PensionsAge]

The John Cotton (Mirfield) Limited Retirement Benefits Scheme has finalized an £11 million full scheme buy-in with Just Group. This transaction insures the retirement benefits of the remaining 105 uninsured scheme members, including 48 deferred and 57 pensioners. [Source: PensionsAge]

The Quest UK Pension Scheme completed a £134 million buy-in with Aviva in July 2025, securing the pension benefits for over 440 members. This is the scheme’s second transaction with Aviva, following a similar deal in 2021 for a sister scheme. The sponsor, Givaudan UK Limited, has significantly reduced its UK defined benefit pension risks through these deals. [Source: PensionsAge]

Swiss Re is looking to issue at least $75 million Matterhorn Re Ltd. (Series 2025-3) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American earthquakes (excluding Hawaii) on an annual aggregate and weighted PCS industry loss index trigger basis. [Source: Artemis.bm]

Artex Risk Solutions privately issued JPY 6 billion (roughly US $40.6 million) Artex Axcell Re (Series FE0003) two-year catastrophe (CAT) bonds. [Source: Artemis.bm]

Enstar has launched Scaur Hill Re Ltd., a $300 million sidecar backed by institutional investors, marking its first foray into casualty reinsurance sidecars and direct third-party capital in an ILS format. The sidecar will assume 10% of a large, diversified, long-tail legacy casualty reinsurance portfolio from Enstar, providing investors with structured exit opportunities at 7 and 10 years for certainty on both pricing and investment horizon. This structure allows Enstar to partner more efficiently with third-party capital, offering investor-friendly features such as commutation options, and establishes a platform for future ILS transactions to improve capital efficiency and attract new capital partners.

The ABB pension plan completed a £700 million buy-in with Aviva, securing the retirement benefits of more than 4,450 pensioner members and over 2,900 deferred members. The transaction, which completed in July 2025, also included a £620 million in-specie asset transfer of UK and US corporate bonds and UK gilts. [Source: PensionsAge]

Artex Axcell Re (Bermuda) Limited privately issued $20 million Artex Axcell Re PI0056 Harrogate and $15 million Artex Axcell Re Jedburgh PI0058 catastrophe (CAT) bonds maturing December 15th 2025. [Source: Artemis.bm]

Fitch reports that the use of sidecars and offshore reinsurance platforms, especially in Bermuda, is rapidly increasing among North American life insurers in partnership with alternative investment managers. These vehicles are helping insurers access third-party capital for growth, acquisitions, and managing capital-intensive liabilities, while regulatory oversight in offshore jurisdictions like Bermuda has strengthened. Recent large transactions from firms such as Blackstone, Japan Post Insurance, MetLife, and Allianz highlight the trend, though Fitch cautions on increased risk and counterparty exposure when deals are too large. Overall, the expansion of sidecars and alternative capital-backed reinsurance vehicles is expected to continue through 2025 and beyond. [Source: Artemis.bm]

German banking group Helaba has secured a £36 million buy-in for its UK defined benefit (DB) pension scheme with Pension Insurance Corporation (PIC). This transaction covers all 156 members of the Helaba (London) Pension and Life Assurance Plan. [Source: Pensions Expert]

Just Group has secured a £23 million buy-in for the defined benefit (DB) pension scheme of construction materials provider ROM. This transaction covers all 249 members of the ROM Group Pension & Life Assurance Scheme, comprising 124 deferred members and 125 pensioners. Mercer acted as the lead broker and completed the process within nine months. [Source: Pensions Expert]

The Misys Retirement Benefits Plan has completed a £25 million buy-in with Legal & General (L&G), which secures the pension benefits for approximately 190 deferred and pensioner members. This deal follows a previous £23 million buy-in with L&G in 2012 that covered existing pensioner liabilities. [Source: PensionsAge]

The Los Angeles Department of Water and Power (LADWP) will issue $100 million 123 Lights Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover wildfire events in the state of California on a county-weighted industry loss index basis. [Source: Artemis.bm]

Rolls-Royce’s defined benefit pension scheme is now fully insured after a £4.3 billion buy-in with Pension Insurance Corporation, completing the de-risking journey that began with a £4.6 billion buy-in with Legal & General in 2019 and securing benefits for 36,000 members. PIC noted its capacity for large transactions could be enhanced by its pending £5.7 billion acquisition by Athora, an insurer backed by US private capital group Apollo, subject to approvals, framing this as a landmark deal in an active UK bulk annuity market. [Source: Pensions Expert]

The Prudential Insurance Company of America entered into a $4 billion longevity risk transfer agreement with NN Life & Pensions, a subsidiary of NN Group. The reinsurance agreement covers approximately 96,000 policyholders. The deal marks Prudential’s second international longevity reinsurance transaction with NN Life & Pensions, and continued expansion within the Dutch market. [Source: Prudential]

The Mangrove Risk Solutions private insurance-linked securities (ILS) platform operated by Marsh McLennan and reinsurance broker Guy Carpenter issued $22.43 million Mangrove Risk Solutions Bermuda Ltd. (Series 2025-C1) one-year catastrophe (CAT) bonds. [Source: Artemis.bm]

National Grid finalized a £900 million buy-in deal with Rothesay for its UK Pension Scheme, marking its third such transaction in six years and bringing the total insured liabilities with Rothesay to £4.5 billion. This latest deal, completed in July 2025, provides insurance coverage for 7,130 pensioners and dependents. National Grid's pension scheme has previously executed major buy-ins with Legal & General and Aviva. [Source: Pensions Expert]

The WCF Ltd Staff Retirement Benefits Scheme completed a £7.2 million buy-in with Legal & General, securing the long-term benefits for its remaining 122 deferred members. [Source: PensionsAge]

The Sedgwick Section of the MMC UK Pension Fund completed a £1.9 billion buy-in with Standard Life, securing the retirement benefits of roughly 6,500 former Sedgwick Group employees, a company acquired by Marsh McLennan in 1998. This transaction included the transfer of three existing longevity swaps with Canada Life Re, Munich Re, and The Prudential Insurance Company of America (PICA) from Mercer ICC Limited. [Source: PensionsAge]