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The Institution of Mechanical Engineers has completed a £40 million buy-in for its defined benefit pension scheme with Pension Insurance Corporation, covering 200 members. The buy-in arrangement is seen as a simpler way to manage the pension scheme, allowing the institution to focus on its strategy and purpose. [Source: Pensions Expert]

The British Heart Foundation Staff Pension Scheme completed a £37 million buy-in with Royal London, covering the pensions of over 200 members, including 118 pensioners and their dependents and 85 deferred pensioners. [Source: PensionsAge]

U.S.-based Franklin Electric Co. purchased a Single Premium Guaranteed Annuity Contract from Prudential Life Insurance Co. to transfer about $30 million in U.S. pension plan liabilities covering 684 retirees and beneficiaries to the insurer. Once the premium is paid and the transaction closes, Principal Life Insurance will guarantee the pension benefits of these participants. The purchase of the group annuity contract will be funded directly by assets of the pension plan, and no additional company contributions are expected before the transaction is completed. [Source: Investing.com]

SageSure has sponsored its debut reinsurance sidecar transaction under Seawall Re Ltd., securing $50 million of third-party retro support. The sidecar will provide SageSure and its captive reinsurance vehicle Anchor Re with additional reinsurance capacity from investors. This marks an expansion of SageSure's activities in the capital markets, building on its successful sponsorship of the Gateway Re catastrophe bond series. [Source: Artemis.bm]

The Los Angeles Department of Water and Power (LADWP) is looking to issue up to $150 million 123 Lights Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover wildfire events in the state of California on a county-weighted industry loss index basis. [Source: Artemis.bm]

M&G has completed a £205 million buy-in transaction with the Huntsman Pension Scheme, securing the pensions of over 660 retirees and deferred pensioners. The deal, completed in the first quarter of 2025, involves M&G's premium being "locked in" to the pension scheme's asset portfolio.

Eclipse Re privately placed $37.5 million Eclipse Re Ltd. (Series 2025-1A) single-tranche catastrophe (CAT) bonds maturing on March 31, 2026 (i.e., on year or less maturity). Nothing is known about the perils covered or the triggers, etc. [Source: Artemis.bm]

Honda Group's UK defined benefit pension scheme has secured a £800 million buy-in deal with Legal & General (L&G), protecting the retirement benefits of over 1,700 retirees and 3,000 deferred members. The deal's structure included a combination of assets and cash, with a price lock to ensure price certainty.

Conagra Brands Inc., Chicago, purchased a group annuity contract from an insurance company to transfer $761 million in U.S. pension plan liabilities.

Kaith Re Ltd. will issue and privately place $19.05 million Seaside Re (Series 2025-61) single-tranche one-year catastrophe (CAT) bonds. They will cover U.S. property catastrophe risks. [Source: Artemis.bm]

Swiss Re will issue the targeted $65 million Matterhorn Re Ltd. (Series 2025-2) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American earthquakes and named storms, each on an annual aggregate and weighted industry loss index trigger basis. [Source: Artemis.bm]

Morningstar DBRS published a commentary examining the rising demand for pension risk transfer (PRT) deals in light of growing retiree populations and longer life expectancy across the globe. With life expectancy trending higher across the globe, retiree populations are growing, driving increasing demand for retirement security solutions. Plan sponsors eager to reduce longevity risk exposures associated with defined benefit pension plans are entering PRT deals to reduce their balance sheet risk. A key driver for the continued PRT demand in 2024 was higher interest rates, which improved defined benefit pension plan funded ratios. The favorable interest rates also drove bond yields higher, improving insurers' fixed income investment returns and enabling insurers to offer more attractive pricing on PRT deals. However, the demand for PRT deals is attracting regulatory scrutiny especially in the U.S. and the UK, where a significant number of global PRT deals are done.

Pan-European savings and retirement services group Athora Holding Limited has agreed to acquire Pension Insurance Corporation Group (PICG), the parent company of Pension Insurance Corporation (PIC), for £5.7 billion. Although it will become the UK insurance business of Athora, the group confirmed that it will continue operating under the PIC brand.

Swiss Re is looking to issue at least $65 million Matterhorn Re Ltd. (Series 2025-2) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American earthquakes and named storms, each on an annual aggregate and weighted industry loss index trigger basis. [Source: Artemis.bm]

California-based Mercury General Corporation will issue $100 million Luca Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from wildfires in the state of California on on an indemnity and per-occurrence basis. [Source: Artemis.bm]

U.K. energy technology company Baker Hughes insured three of its pension funds in a buy-in transaction worth £900m with Pension Insurance Corporation (PIC). The deals across the three schemes – the Baker Hughes (UK) Pension Plan, the Brush Group Pension Scheme, and the Pipeline Integrity International (PII) Group Pension Scheme – securing pensions of over 3,000 pensioners and dependents, and nearly 4,000 deferred members. [Source: Investments & Pensions Europe]

Ariel Re will issue $150 million Titania Re Ltd. (Series 2025-1) two-tranche four-year catastrophe (CAT) bonds, versus the original $125 million target. They will cover losses from named storms and earthquakes across 50 U.S. states, Puerto Rico, U.S. Virgin Islands, D.C. and Canada, plus wildfire risks across the U.S. and District Of Columbia, on an annual aggregate and industry loss triggered basis. [Source: Artemis.bm]

SageSure is looking to issue at least $100 million Gateway Re Ltd. (Series 2025-3) single-tranche zero-coupon six-month catastrophe (CAT) bonds. They will cover losses from named storms initially covering the U.S. states of Louisiana, Mississippi, South Carolina and Texas, on an indemnity, per-occurrence basis. [Source: Artemis.bm]

Everest Re will issue $1 billion Kilimanjaro II Re Ltd. catastrophe (CAT) four-tranche bonds split across two series differentiated only by their terms to maturity, versus the original $450 million target. The Series 2025-1 bonds will run for four-years and the Series 2025-2 bonds for five years. They will cover losses from certain named storms and earthquakes that impact the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada, on a regionally weighted industry-loss trigger basis. [Source: Artemis.bm]

Convex Group will issue $150 million Hypatia Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from North American hurricanes and earthquakes on an industry loss basis. [Source: Artemis.bm]

Convex Group is looking to issue at least $100 million Hypatia Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from North American hurricanes and earthquakes on an industry loss basis. [Source: Artemis.bm]

Vermont Mutual Insurance Company will issue $250 million Baldwin Re Ltd. (Series 2025-1) single-tranche four-year catastrophe (CAT) bonds, versus the original $250 million target. They will cover losses from US Northeast, named storm, earthquake, severe weather, and fire on an indemnity and per-occurrence basis. [Source: Artemis.bm]

AmTrust Financial Services will issue $150 million Solis Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds, versus the original target of $100 million. They will cover losses from named storms that impact U.S. northeast states on an indemnity and per-occurrence basis. [Source: Artemis.bm]

The MGN Pension Scheme has secured a £150 million buy-in covering 1,300 of its pensioner members. The buy-in was provided by Just Group and completed in November. The deal has been structured to make it easier for future buy-ins to be transacted. [Source: Pensions Expert]

California-based Mercury General Corporation is looking to issue at least $100 million Luca Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from wildfires in the state of California on on an indemnity and per-occurrence basis. [Source: Artemis.bm]

The California Earthquake Authority (CEA) will issue $400 million Ursa Re II Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds versus the original $250 million target. They will cover losses from California earthquakes on an indemnity trigger and annual aggregate basis. [Source: Artemis.bm]

Grant Thornton has sealed a £275 million buy-in for its defined benefit (DB) pension scheme with Royal London. It covers 2,200 members of the Grant Thornton Pensions Fund. The trustee board has also developed a project plan to reach full buyout with Royal London, according to the insurer. [Read more at Pensions Expert]

Ariel Re is looking to issue at least $125 million Titania Re Ltd. (Series 2025-1) two-tranche four-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes across 50 U.S. states, Puerto Rico, U.S. Virgin Islands, D.C. and Canada, plus wildfire risks across the U.S. and District Of Columbia, on an annual aggregate and industry loss triggered basis. [Source: Artemis.bm]

Everest Re is looking to issue at least $450 million Kilimanjaro II Re Ltd. catastrophe (CAT) four-tranche bonds split across two series differentiated only by their terms to maturity. The Series 2025-1 bonds will run for four-years and the Series 2025-2 bonds for five years. They will cover losses from certain named storms and earthquakes that impact the United States, Puerto Rico, U.S. Virgin Islands, D.C., and Canada, on a regionally weighted industry-loss trigger basis. [Source: Artemis.bm]

Sailfish Re Ltd. will issue $30million Koi Re Series 2025-1 single-tranche one-year natural catastrophe (CAT) bonds. [Source: Artemis.bm]