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Australia-based QBE Insurance Group will issue $250 million Bridge Street Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes throughout the United States, Puerto Rico, DC, the US Virgin Islands and Canada, on an industry-loss trigger and annual aggregate basis. [Source: Artemis.bm]

The General Council of the Bar (GCB) Pension and Life Assurance Fund completed a £20 million buy-in with Pension Insurance Corporation (PIC), covering the benefits of 103 members. It was the first transaction completed using Mosaic, PIC’s streamlined service for pension schemes with assets under £100 million. Mosaic is designed to offer price monitoring and standardized processes and contracts to give small schemes a straightforward, efficient way of securing their members’ benefits. [Source: PensionsAge]

The Trustees of the Airways Pension Scheme, the defined benefit corporate pension scheme of British Airways, have completed a £340 million longevity swap transaction with Met Life's Metropolitan Tower Life Insurance Company subsidiary and Zurich UK. It covers 100% of the longevity risk associated with about 1,100 scheme members. The longevity risk was insured with Zurich Assurance Limited, acting as the intermediary insurer, then fully-reinsured through a back-to-back reinsurance arrangement out to the MetLife entity. The insurance contract will be added to the scheme’s investment portfolio to generate income if scheme members live longer than currently anticipated. [Source: Reinsurance News]

U.K.-based Beazley will issue $200 million London Bridge 2 PCC Limited (Fuchsia 2 – 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $150 million target. They will cover losses from named storm and earthquake events that impact the United States, Canada and certain parts of the Caribbean on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Fidelis Insurance will issue $375 million Herbie Re Ltd. (Series 2024-2) three-tranche catastrophe (CAT) bonds, versus the original $300 million target. There will be a two-year tranche, and two four-year tranches. They will cover losses from US named storms and US earthquakes, including DC, Puerto Rico and the US Virgin Islands, on an annual aggregate and territory weighted industry loss index triggered basis. [Source: Artemis.bm]

The Hunt Brothers and Company Limited Pension Fund has secured a £1.4 million full scheme buy-in with Just Group, covering the benefits of eight pensioner members. The transaction completed the buy-in of all scheme liabilities, with the scheme now expected to proceed to full buyout and wind up. [Source: PensionsAge]

The Tennants Consolidated Limited Pension Scheme has completed a £102 million full scheme buy-in with Royal London, covering 463 pensioners and 241 deferred members. It is the third external transaction Royal London has completed this year, after a £30 million buy-in with The Retreat York Pension Scheme and a £100 million deal with an unnamed scheme. [Source: PensionsAge]

Progressive will issue $345 million Bonanza Re Ltd. (Series 2024-1) three-tranche catastrophe (CAT) bonds, versus the original $225 million target. A $70 million zero-coupon tranche will provide one year of aggregate coverage, and the other two tranches will provide three years of per-occurrence coverage on an indemnity basis. All three will cover losses from named storm, earthquake (fire-following only), severe thunderstorm, winter storm, wildfire in the United States. [Source: Artemis.bm]

Canada-based TD Insurance is looking to issue at least C$150 million MMIFS Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from earthquakes and severe convective storms (SCS) in Canada on an indemnity and per-occurrence basis. [Source: Artemis.bm]

This paper investigates longevity risk-sharing as a solution to the sustainability and affordability problems in the annuity market, and in particular how much longevity risk could be transferred back to policyholders assuming mean-variance preference functions. First, it provides dynamic risk-sharing rules for annuities. Second, it studies the contract properties from the perspectives of both the provider and individual policyholders. Third, it highlights and accounts for two levels of uncertainty and two levels of correlation induced by systematic longevity risk. Fourth, it provides necessary and sufficient conditions on the premium loading and the share of transferred risk, such that both parties prefer risk-sharing. The analytical and numerical results of the paper offer a deeper understanding of the effects of systematic and diversifiable risks on those preferences, and show that the products presented in this paper are suitable retirement solutions.

Australia-based QBE Insurance Group is looking to issue at least $250 million Bridge Street Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes throughout the United States, Puerto Rico, DC, the US Virgin Islands and Canada, on an industry-loss trigger and annual aggregate basis. [Source: Artemis.bm]

At the halfway point of 2024, consultancy Barnett Waddingham said that volumes in the U.K. bulk annuity market are set to break 2023's £49.1 billion record high. New players have entered the market in 2024 (Brookfield, Royal London and Utmost) and M&G, which re-entered the bulk annuity space last year, is making waves with its innovative ‘risk-sharing’ buy-in offering. [Source" Pensions Expert]

Pension Insurance Corporation (PIC) has completed a £370 million buy-in of the Hays Pension Scheme. The transaction covers 853 pensioners and dependents, and 3,368 deferred members linked to Hays, which injected approximately £13 million to help finance the deal. [Source: Pensions Expert]

American Coastal Insurance Company will issue $200 million Armor Re II Ltd. (Series 2024-2) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from Florida named storms on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

American Family Mutual Insurance Company (AmFam) issue $275 million Four Lakes Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $175 million target. They will cover losses from US named storms, earthquakes, severe thunderstorms, winter storms and wildfires on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]

"Allianz has sponsored a life and annuity focused reinsurance sidecar named Sconset Re Ltd., partnering with PIMCO as well as other institutions for asset management support. Sconset Re Ltd. is domiciled in Bermuda and will initially take a US $4 billion block of fixed index annuity risk from Allianz, through a reinsurance arrangement." [Source: Artemis.bm]

Allstate will issue $650 million Sanders Re II Ltd. (Series 2024-3) two-tranche four-year catastrophe (CAT) bonds, versus the original $350 million target. They will cover losses from personal lines property and auto losses from named storm, earthquake, severe weather, wildfire, volcanic eruption, and meteorite impact events in all US states except for Florida, on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]

Spain-based Mapfre Re will issue $125 million Recoletos Re DAC (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $100 million target. They will cover losses from named storms in the United States and DC on an annual aggregate and territory weighted industry-loss triggered basis. [Source: Artemis.bm]

Liberty Mutual Insurance will issue $325 million Mystic Re IV Ltd. (Series 2025-1) three-tranche three-year catastrophe (CAT) bonds, versus the original target of $225 million. Two tranches will cover losses from named storms and earthquakes affecting parts of the US, Canada and the Caribbean on an indemnity per-occurrence basis. The third tranche will cover those risks, plus severe weather and wildfires affecting the same areas as the first two tranches, but on an annual aggregate indemnity basis. [Source: Artemis.bm]

"Specialist U.K.-based insurer Rothesay has completed a £50 million buy-in of the Avimo Pension Scheme, covering more than 600 scheme members. The transaction follows a £2.7 billion buy-in for the Thales UK Pension Scheme a year ago. Thales, a multinational electronics company, is the sponsor for both pension schemes." [Source: PensionsExpert]

The Bank for International Settlements (BIS) published a paper analyses the key design elements of parametric insurance, synthesizing insights from a survey of 12 insurance supervisory authorities and seven market participants, with a focus on non-agricultural applications for households and small and medium-sized enterprises (SMEs). Key findings stress the importance of transparent and reliable index selection, high-quality data and a supportive regulatory environment. The paper provides actionable recommendations to enhance data quality, improve analytical and modelling capabilities and foster consumer education and awareness. By addressing these challenges, parametric insurance can play a critical role in strengthening economic and societal resilience in the face of growing natural catastrophe risks.

U.K.-based Beazley is looking to issue at least $150 million London Bridge 2 PCC Limited (Fuchsia 2 – 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storm and earthquake events that impact the United States, Canada and certain parts of the Caribbean on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Bermuda-based RenaissanceRe will issue $350 million Mona Lisa Re Ltd. (Series 2025-1) two-tranche catastrophe (CAT) bonds, versus the original target of $250 million. They will issue a $175 million four-year Class A tranche and a slightly riskier three-year Class B tranche. Both will cover losses from losses caused by U.S., Puerto Rico, U.S. Virgin Islands, and D.C. named storm and earthquake events, and Canadian earthquakes. on an industry loss index trigger basis. [Source: Artemis.bm]

"The £1 billion UK Merchant Navy Ratings Pension Fund has secured a longevity swap arrangement to cover liabilities amounting to £450 million, with the assistance of broker WTW and reinsurance capacity from MetLife... This longevity swap has been transacted via a Guernsey captive insurer owned by the pension fund’s trustee, that has fronted the pension for the longevity swap transfer, while then entering into a longevity reinsurance agreement with MetLife, which absorbs the full risk from the deal." [Source: Artemis.bm]

SafePoint Insurance Company is looking to issue at least $100 million Nature Coast Re Ltd. (Series 2025-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms across the states of Florida, Louisiana, Alabama, Mississippi, and Texas on an industry-loss index trigger basis. [Source: Artemis.bm]

The UK-based Wednesbury Pension Scheme has completed a £43 million buy-in with Just Group, securing the benefits of all 384 scheme members and completed the buy-in of all scheme liabilities. The scheme had been in a buyout surplus for some time, and its investments were fully derisked and liquid. [Source: PensionsAge]

Talanx Re will issue $100 million Maschpark Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from earthquakes in Chile, Peru, Bolivia and Argentina on a per-occurrence parametric trigger basis. [Source: Artemis.bm]

Utmost Life & Pensions, one of the newest insurers to enter the bulk annuity market, has completed a £20 million buy-in with an unnamed defined benefit (DB) scheme. [Source: Pensions Expert]