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Larger DB schemes face £100bn bill due to new regulations
Larger DB schemes face £100bn bill due to new regulations
The impact of new U.K. regulations in the pension schemes bill and the future defined benefit funding code will mean that sponsors of the UK’s largest schemes will have to fork out £100bn over the next 10 years, according to new analysis from LCP. The modelling from the pensions consultancy takes into account schemes with assets of more than £1bn, or 10,000 members or more, which corresponds to 300 pension funds. However, a proportion of this figure — between £60bn and £65bn — is already expected to be paid under the current rules, but under the new regime there is expected to be less flexibility and a requirement to pay more over a shorter timeframe.
#ART#Longevity#Pensions#Regulation
·pensions-expert.com·
Larger DB schemes face £100bn bill due to new regulations
Unisys to transfer $1 billion in U.S. pension liabilities
Unisys to transfer $1 billion in U.S. pension liabilities
Unisys Corp., Blue Bell, Pa., plans to transfer about $1 billion in U.S. pension plan liabilities over the next six months through a series of pension risk transfer transactions. The company plans to shed the liabilities through "a combination of bulk lump-sum buyouts, annuity purchases and other actions," according to its 10-Q filing Tuesday with the SEC. They are going to aggressively approach the pension risk transfer market market with the objective of removing all pension-related liabilities from the balance sheet, using bulk lump sums and annuities.
#ART#Longevity#Pensions
·pionline.com·
Unisys to transfer $1 billion in U.S. pension liabilities
USAA increases Residential Re 2020-2 cat bond target to $400m
USAA increases Residential Re 2020-2 cat bond target to $400m
USAA has increased the target size, from $300 million to as much as $400 million, for its new Residential Reinsurance 2020 Limited (Series 2020-2) multi-year, fully collateralized, two-tranche, multi-peril catastrophe bond transaction. Two of the tranches of notes will provide four years of protection and the third one year. This will be USAA's second cat bond transaction of 2020 and the 36th issuance listed in the extensive Artemis Deal Directory.
#ART#ILS#CAT
·artemis.bm·
USAA increases Residential Re 2020-2 cat bond target to $400m
MetLife reinsures $320m of pension longevity risk for Rothesay Life
MetLife reinsures $320m of pension longevity risk for Rothesay Life
Metlife completed a second longevity reinsurance transaction in the UK market, reinsuring $320 million of pension liability related longevity risk for Rothesay Life. Met Life entered into its first UK longevity reinsurance transaction earlier this year with pension consolidator Pension Insurance Corporation plc (PIC).
#ART#Pensions#Longevity
·artemis.bm·
MetLife reinsures $320m of pension longevity risk for Rothesay Life
USAA gets $400m ResRe cat bond. Lower-risk tranches price down
USAA gets $400m ResRe cat bond. Lower-risk tranches price down
USAA has successfully secured the upsized target of $400 million of reinsurance limit from its latest catastrophe bond transaction, with the two lower-risk tranches of the Residential Reinsurance 2020 Limited (Series 2020-2) transaction pricing down significantly for the insurer. It will provide USAA with up to four years of reinsurance protection against losses in the United States from multiple catastrophe perils, on an indemnity trigger and per-occurrence basis. The two lower-risk tranches will provide four years of protection and the third, higher-risk layer one year.
#ART#ILS#CAT
·artemis.bm·
USAA gets $400m ResRe cat bond. Lower-risk tranches price down
American Family aims for upsized $175m Four Lakes Re 2020-1 cat bond
American Family aims for upsized $175m Four Lakes Re 2020-1 cat bond
American Family Mutual Insurance Company is targeting an upsized $175 million of collateralized multi-peril reinsurance from its Four Lakes Re Ltd. (Series 2020-1) CAT bond issuance, the carriers first cat bond in a decade. When it launched in October the target size was $150 million across the two tranches of three-year notes, originally a $75 million Class A tranche (now $100 million) and the riskier Class B tranche of notes (still $75 million).
#ART#CAT#ILS
·artemis.bm·
American Family aims for upsized $175m Four Lakes Re 2020-1 cat bond
M&S completes £750m buy-ins with Aviva and Phoenix
M&S completes £750m buy-ins with Aviva and Phoenix
The Marks and Spencer (M&S) Pension Scheme has completed two buy-ins with Aviva and Phoenix, insuring a total of £750m of benefits. It is the scheme's second buy-in with Aviva, and the third with Phoenix, resulting in around 30%, or £3.7bn, of pensioner liabilities now being insured. Aviva secured around £390m of the liabilities and Phoenix around £360m, with both transactions benefitting from umbrella contracts, which allow for quick decision-making to take advantage of favourable market conditions.
#ART#Longevity#Pensions
·professionalpensions.com·
M&S completes £750m buy-ins with Aviva and Phoenix
BHS exec scheme next to achieve PPF-plus outcome
BHS exec scheme next to achieve PPF-plus outcome
The defined benefit scheme for senior management at defunct retailer BHS has bought out its benefits, allowing the plan to exit the Pension Protection Fund’s assessment period. The £2.5m deal with Legal & General sees another cohort of employees achieve a ‘PPF-plus’ level of benefits, two years after 9,000 members of the BHS2 pension scheme had bulk annuities purchased for them with the Pension Insurance Corporation.
#ART#Longevity#Pensions
·pensions-expert.com·
BHS exec scheme next to achieve PPF-plus outcome
Cat bond & related ILS market breaks record for number of deals in 2020
Cat bond & related ILS market breaks record for number of deals in 2020
So far in 2020, Artemis.bm has recorded 68 catastrophe (CAT) bonds and related insurance-linked securities (ILS) issues, breaking the previous annual record set in 2018. In terms of the dollar value, the total for 2020 stands at almost $13.5 billion, which is closing fast on the 2018 record of almost $13.9 billion. Excluding all mortgage ILS issuance though, which has become an increasing component of the overall marketplace as mortgage insurers look to the capital markets for reinsurance capacity, issuance still remains some way below the 2017 record of almost $12 billion.
#ART#ILS#CAT#Mortgages
·artemis.bm·
Cat bond & related ILS market breaks record for number of deals in 2020
Allied World sponsoring first cat bond, a $150m 2001 CAT Re deal
Allied World sponsoring first cat bond, a $150m 2001 CAT Re deal
Allied World Assurance Company (AWAC) is set to sponsor its first ever catastrophe bond; a $150 million multi-year single-tranche multi-peril transaction. The 2001 CAT Re Ltd. (Series 2020-1) notes will provide coverage against losses from U.S named storm, U.S. earthquake, U.S. severe thunderstorm and European windstorm risks.
#ART#ILS#CAT#Mortgages
·artemis.bm·
Allied World sponsoring first cat bond, a $150m 2001 CAT Re deal
Google parent Alphabet turns to cat bonds for earthquake insurance
Google parent Alphabet turns to cat bonds for earthquake insurance
Google parent Alphabet has entered the catastrophe (CAT) bond market for the first time, as the technology giant seeks $237.5 million of California earthquake insurance protection that will be fully collateralized through the issuance of a Phoenician Re Ltd. (Series 2020-1) single-tranche three-year CAT bond. The proceeds will collateralize retrocessional reinsurance agreements with fronting reinsurer Hannover Re. Hannover Re will in turn enter into a reinsurance agreement with Imi Assurance, which is Google’s Hawaii domiciled captive insurer.
#ART#CAT#ILS
·artemis.bm·
Google parent Alphabet turns to cat bonds for earthquake insurance
Pacific Life Re in £3.7bn longevity swap for Prudential pension scheme
Pacific Life Re in £3.7bn longevity swap for Prudential pension scheme
Pacific Life Re completed a £3.7 billion longevity swap transaction for the Prudential Staff Pension Scheme. It was structured using a Guernsey-based captive, which enables the cover to be passed through to the pension beneficiary without the need for an intermediating private insurer while the reinsurance capital can be used to back the risk more directly. The cell then enters into a reinsurance agreement with the reinsurer.
#ART#Longevity#Pensions
·artemis.bm·
Pacific Life Re in £3.7bn longevity swap for Prudential pension scheme
Allied World looks to upsize first cat bond by one-third to $200m
Allied World looks to upsize first cat bond by one-third to $200m
Allied World Assurance Company (AWAC) is set to sponsor its first ever catastrophe bond; a $200 million multi-year single-tranche multi-peril transaction. The 2001 CAT Re Ltd. (Series 2020-1) notes will provide coverage against losses from U.S named storm, U.S. earthquake, U.S. severe thunderstorm and European windstorm risks. It had originally been set at $150 million, but was increased due to strong investor appetite.
#ART#ILS#CAT
·artemis.bm·
Allied World looks to upsize first cat bond by one-third to $200m
Allied World lifts target for debut cat bond again to $210m
Allied World lifts target for debut cat bond again to $210m
Having already increased the target size of its first catastrophe bond by one-third, Allied World Assurance Company (AWAC), a global insurance and reinsurance company and part of the Fairfax Financial group, has now lifted the target a little more, with the latest marketed size of the 2001 CAT Re Ltd. (Series 2020-1)  transaction now $210 million.
#ART#ILS#CAT
·artemis.bm·
Allied World lifts target for debut cat bond again to $210m
Allied World gets first cat bond at upsized $210m with reduced pricing (Update)
Allied World gets first cat bond at upsized $210m with reduced pricing (Update)
Allied World Assurance Company (AWAC) is set to sponsor its first ever catastrophe bond; a $210 million multi-year single-tranche multi-peril transaction. The 2001 CAT Re Ltd. (Series 2020-1) notes will provide coverage against losses from U.S named storm, U.S. earthquake, U.S. severe thunderstorm and European windstorm risks. It had originally been set at $150 million, but was increased due to strong investor appetite, although the pricing has been fixed at the low-end of initial guidance.
#ART#ILS#CAT
·artemis.bm·
Allied World gets first cat bond at upsized $210m with reduced pricing (Update)
Pension professionals demand pause to TPR’s tough stance on funding
Pension professionals demand pause to TPR’s tough stance on funding
The UK could face a tidal wave of insolvencies and job losses in the coming winter months. With this bleak prospect looming, pension professionals are calling for a more pragmatic approach from the Pensions Regulator on scheme funding. The Pensions Regulator issued lengthy guidance to trustees on dealing with sponsors in distress on Thursday. But a survey of pension professionals conducted before the new publication stressed the need for more concrete action to protect affordability, rather than just clarifying best practice when a sponsor nears insolvency.
#ART#Pensions
·pensions-expert.com·
Pension professionals demand pause to TPR’s tough stance on funding
Swiss Re sponsoring its fifth Matterhorn Re cat bond of 2020
Swiss Re sponsoring its fifth Matterhorn Re cat bond of 2020
Swiss Re has returned to the catastrophe bond market for what will be its fifth transaction of 2020 and its sixth in total under the Matterhorn Re program, with a $150 million U.S. named storm focused two-year two-tranche Matterhorn Re Ltd. (Series 2020-5) deal. The two equal-sized tranches differ slightly in terms of regions covered, making one slightly riskier than the other due to the inclusion of southern and Gulf Coast states, plus Florida.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Swiss Re sponsoring its fifth Matterhorn Re cat bond of 2020
AXIS returns to cat bond market for $100m+ Northshore multi-peril deal
AXIS returns to cat bond market for $100m+ Northshore multi-peril deal
AXIS Capital, the Bermuda headquartered global specialty insurance and reinsurance firm, has returned to the catastrophe bond market for the first time this year, with a target for an at least $100 million Northshore Re II Ltd. (Series 2021-1) three-year note issuance. Coverage will be for U.S. named storms (inc. Puerto Rico & Virgin Islands), U.S. & Canada earthquake risks and European windstorm risks.
#ART#ILS#CAT
·artemis.bm·
AXIS returns to cat bond market for $100m+ Northshore multi-peril deal
Catastrophe bonds & related ILS issuance hits record at $14.24bn in 2020
Catastrophe bonds & related ILS issuance hits record at $14.24bn in 2020
Catastrophe bond and related insurance-linked securities (ILS) issuance has already reached a new annual record in 2020, exceeding $14 billion for the very first time. Aso, the amount of risk capital outstandingThis has surpassed $45 billion for the first time and is currently fast approaching $45.6 billion, the highest figure seen since Artemis.bm has been tracking this marketplace in the late 1990’s.
#ART#ILS#CAT
·artemis.bm·
Catastrophe bonds & related ILS issuance hits record at $14.24bn in 2020
Brit seeks $250m catastrophe bond using UK vehicle Sussex Capital UK PCC
Brit seeks $250m catastrophe bond using UK vehicle Sussex Capital UK PCC
Specialty insurance and reinsurance player Brit is entering the catastrophe bond market for its first full 144a deal and is utilising its UK domiciled multi-use collateralised reinsurance PCC vehicle, Sussex Capital UK PCC Limited, for the single-tranche $250 million U.S. multi-peril Sussex Capital UK PCC Limited (Series 2020-1) issuance. It will cover certain losses from U.S. named storms and U.S. earthquakes, with coverage including Puerto Rico and the U.S. Virgin Islands across a four year term to the end of 2024.
#ART#ILS#CAT
·artemis.bm·
Brit seeks $250m catastrophe bond using UK vehicle Sussex Capital UK PCC
Alphabet's (Google's) first catastrophe bond priced on-target at $237.5m
Alphabet's (Google's) first catastrophe bond priced on-target at $237.5m
The first catastrophe bond to be sponsored directly for the benefit of Google holding company Alphabet, has now been priced on-target at the mid-point of guidance, while the single-tranche Phoenician Re Ltd. (Series 2020-1) CAT bond transaction will close at the same $237.5 million size it launched at. The Class A notes will provide Alphabet with a source of California earthquake insurance protection, cascaded down using the reinsurance agreements, through its captive insurer and Hannover Re, across a three-year term.
#ART#ILS#CAT
·artemis.bm·
Alphabet's (Google's) first catastrophe bond priced on-target at $237.5m
Aviva completes £875m buy-in with its own pension scheme
Aviva completes £875m buy-in with its own pension scheme
Aviva Life & Pensions UK has completed an £875m buy-in with its parent company’s defined benefit pension scheme, covering around 2,800 members’ pension liabilities. This is the Aviva Staff Pension Scheme’s second buy-in with Aviva after a £1.7bn buy-in in 2019 and a £5bn longevity swap in 2014. Of the approximately 2,800 members covered under the deal, around 2,100 are deferred members and 700 are current pensioner members.
#ART#Longevity#Pensions
·pensionsage.com·
Aviva completes £875m buy-in with its own pension scheme
Liberty Mutual sponsoring first cat bond since 2012, with $200m Mystic Re IV
Liberty Mutual sponsoring first cat bond since 2012, with $200m Mystic Re IV
Liberty Mutual has returned to the catastrophe bond market for the first time since 2012, as the company seeks a $200 million source of catastrophe reinsurance from the capital markets by sponsoring a three-year multi-peril single-tranche Mystic Re IV Ltd. (Series 2021-1) transaction. It will cover certain losses from U.S. named storms and U.S. & Canada earthquakes, with the covered area including Puerto Rico, DC and the U.S. Virgin Islands, on a per-occurrence basis and using an industry loss trigger.
#ART#CAT#ILS
·artemis.bm·
Liberty Mutual sponsoring first cat bond since 2012, with $200m Mystic Re IV
AXIS' Northshore Re II 2021 catastrophe bond grows 50% to $150m
AXIS' Northshore Re II 2021 catastrophe bond grows 50% to $150m
AXIS Capital has increased the size of its latest catastrophe bond issuance by 50%, as the three-year multi-peril Northshore Re II Ltd. (Series 2021-1) transaction is now set to complete at $150 million in size, with pricing now been fixed below the initial guidance. The protection will be on a weighted industry loss index trigger and annual aggregate basis, covering U.S. named storms (inc. Puerto Rico & Virgin Islands), U.S. & Canada earthquake risks and European windstorm risks.
#ART#CAT#ILS
·artemis.bm·
AXIS' Northshore Re II 2021 catastrophe bond grows 50% to $150m
Alphabet (Google) returns for second cat bond to top up quake cover
Alphabet (Google) returns for second cat bond to top up quake cover
Google holding company Alphabet, Inc. has returned to the catastrophe bond market in very quick succession to add a second $95 million Phoenician Re Ltd. (Series 2020-2) transaction. Hannover Re will again enter into retrocessional agreements with the SPI, in turn providing the reinsurance cover to Alphabet’s Hawaii domiciled captive insurer Imi Assurance, who in turn provides the insurance coverage to Alphabet. It covers California earthquakes across a three-year term and using an indemnity trigger on a per-occurrence basis.
#ILS#CAT#ART
·artemis.bm·
Alphabet (Google) returns for second cat bond to top up quake cover
Court of Appeal gives green light to Pru annuity sale - Law & Regulation
Court of Appeal gives green light to Pru annuity sale - Law & Regulation
The UK Court of Appeal has overturned a High Court ruling that blocked the transfer of £12bn of annuities from Prudential, now M&G, to Rothesay Life. The Court of Appeal rejected every one of the previous judge’s objections to the transfer, and therefore the High Court will now have to review the transaction. In March 2018, Prudential announced its plan to sell £12bn of annuities to derisking expert Rothesay Life, covering 400,000 policies. But in August 2019, a High Court judge blocked the sale — otherwise known as a Part VII transfer — which raised concerns around other such deals in the annuities market in the future.
#ART#Longevity#Pensions
·pensions-expert.com·
Court of Appeal gives green light to Pru annuity sale - Law & Regulation
American Strategic owner returns for second Bonanza Re cat bond of 2020
American Strategic owner returns for second Bonanza Re cat bond of 2020
ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, has returned to the catastrophe bond market for the second time this year, to sponsor a $100 million or greater sized three-tranche Bonanza Re Ltd. (Series 2020-2) issuance.
#ART#ILS#CAT
·artemis.bm·
American Strategic owner returns for second Bonanza Re cat bond of 2020
Brit upsizes first Sussex Capital UK catastrophe bond to $300m
Brit upsizes first Sussex Capital UK catastrophe bond to $300m
Specialty insurance and reinsurance player Brit is the latest to target an upsizing of its first catastrophe bond issuance, as the firms Sussex Capital UK PCC Limited (Series 2020-1) transaction now has an increased target size of $300 million. Brit is utilising its UK domiciled multi-use collateralised reinsurance PCC vehicle, Sussex Capital UK PCC Limited, for the single-tranche $250 million U.S. multi-peril Sussex Capital UK PCC Limited (Series 2020-1) issuance. It will cover certain losses from U.S. named storms and U.S. earthquakes, with coverage including Puerto Rico and the U.S. Virgin Islands across a four year term to the end of 2024.
#ART#ILS#CAT
·artemis.bm·
Brit upsizes first Sussex Capital UK catastrophe bond to $300m
Hamilton seeks $150m of retro from Easton Re catastrophe bond
Hamilton seeks $150m of retro from Easton Re catastrophe bond
Bermuda based insurance and reinsurance holding company Hamilton, is entering the catastrophe bond market for its first full, syndicated Rule 144a transaction using its newly incorporated Easton Re Pte. Ltd. special purpose reinsurance vehicle domiciled in Singapore. Easton Re Pte. is targeting to issue at least $150 million of Series 2020-1 Class A notes covering losses from U.S. named storms and earthquakes, across three years, on a state weighted industry loss and per-occurrence trigger basis.
#ART#ILS#CAT
·artemis.bm·
Hamilton seeks $150m of retro from Easton Re catastrophe bond