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Insurers Eye Taking On More UK Pension Risk After Bond Turmoil
Insurers Eye Taking On More UK Pension Risk After Bond Turmoil
Corporate pension programs in the UK are increasingly looking to offload their risk to insurers as they try to insulate themselves from future market turmoil. Pension Insurance Corporation, one of the biggest players in the UK market, is seeing more requests for so-called full buyouts. It’s a sign of the sweeping changes in the industry after bond chaos in recent weeks sparked forced selling by some pension funds.
#ART#Longevity#Pensions#UnitedKingdom
·bloomberg.com·
Insurers Eye Taking On More UK Pension Risk After Bond Turmoil
Fidelis seeks $100m NA quake protection with new Herbie Re 2022-1 cat bond
Fidelis seeks $100m NA quake protection with new Herbie Re 2022-1 cat bond
Fidelis Insurance Holdings is looking to issue at least $100 million of Herbie Re Ltd. (Series 2022-1) single-tranche four-year CAT bonds focused on earthquake risks in California, Oregon, Washington and Canada. It will be structured on an annual aggregate and regionally weighted industry loss index basis, across four individual annual risk periods to the end of December 2026.
#ART#ILS#CAT
·artemis.bm·
Fidelis seeks $100m NA quake protection with new Herbie Re 2022-1 cat bond
Agfa UK Group Pension Plan signs £200mn buy-in
Agfa UK Group Pension Plan signs £200mn buy-in
The Agfa UK Group Pension Plan has completed a second annuity buy-in with Standard Life, covering the vast majority of the fund’s remaining liabilities. The £200 million bulk purchase annuity transaction, completed in September, covers the benefits of 770 members. It follows a £230 million partial buy-in completed in 2021, which covered 70% of pensioner liabilities.
#Longevity#Pensions#ART
·pensions-expert.com·
Agfa UK Group Pension Plan signs £200mn buy-in
West Pharmaceutical Services terminates U.S. pension plan
West Pharmaceutical Services terminates U.S. pension plan
West Pharmaceutical Services has terminated its U.S. defined benefit plan. The company then purchased a group annuity contract from an insurance company to transfer remaining liabilities. The company did not disclose the name of the insurance company, how much was transferred, and how much was distributed in lump sums. As of December 31, 2021 the company's global defined benefit plan assets totaled $249 million, while projected benefit obligations totaled $270 million.
#Longevity#Pensions#ART
·pionline.com·
West Pharmaceutical Services terminates U.S. pension plan
2 companies complete pension plan terminations with group annuity purchases
2 companies complete pension plan terminations with group annuity purchases
Prestige Consumer Healthcare and Commercial Vehicle Group completed pension plan terminations. Prestige Consumer Healthcare purchased a group annuity contract transferring $31 million in U.S. pension liabilities to an undisclosed insurance company. Commercial Vehicle Group completed its termination process with the purchase of a $25 million group annuity contract from an undisclosed insurance company.
#ART#Longevity#Pensions
·pionline.com·
2 companies complete pension plan terminations with group annuity purchases
Cooper-Standard to terminate U.S. pension plan
Cooper-Standard to terminate U.S. pension plan
Automotive parts company Cooper-Standard is terminating its U.S. pension plan. As part of the termination process, the company will offer lump sums to participants and settle the remaining liabilities after the distribution of lump sums through the purchase of a group annuity contract with an insurance company.
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
Cooper-Standard to terminate U.S. pension plan
Allstate seeks $100m+ Sanders Re III multi-peril cat bond. Post-Ian spreads evident
Allstate seeks $100m+ Sanders Re III multi-peril cat bond. Post-Ian spreads evident
Allstate is looking to issue at least $100 million of Sanders Re III Ltd. (Series 2022-3) single-tranche four-year four-month CAT bonds. They will cover coverage against losses from US named storms, earthquakes, severe weather events, wildfires, volcanic eruptions and meteorite impacts, all on a per-occurrence and indemnity trigger basis, and excluding Florida.
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Allstate seeks $100m+ Sanders Re III multi-peril cat bond. Post-Ian spreads evident
Peabody Investments terminating pension plan in 2023
Peabody Investments terminating pension plan in 2023
US-based Peabody Investments is terminating its defined benefit pension plan. Once the company receives all regulatory approvals, the completion of the termination is expected in the first half of 2023 when lump sums will be offered to participants, followed by a group annuity purchase from an insurance company to settle remaining liabilities. It had earlier purchased of a group annuity (buy-in) contract from Prudential Insurance cover the plan's liabilities.
#ART#Longevity#Pensions
·pionline.com·
Peabody Investments terminating pension plan in 2023
BAM secures $150m Fidus Re 2022 financial guarantee ILS
BAM secures $150m Fidus Re 2022 financial guarantee ILS
Build America Mutual Assurance Company (BAM) the financial guarantee and municipal bond specialist, issued $150 million Fidus Re Ltd. (Series 2022-1) single-tranche 12-year CAT bonds. They cover losses to BAM’s financial guarantee insurance business, on an indemnity trigger basis.
#ART#ILS#CAT
·artemis.bm·
BAM secures $150m Fidus Re 2022 financial guarantee ILS
PIC predicts £30bn addressable risk transfer market
PIC predicts £30bn addressable risk transfer market
Pension Insurance Corporation has said that falling scheme liabilities will make UK pension risk transfer market volumes appear smaller over time, predicting a market of £30 billion over the next year. Defined benefit scheme funding levels have improved this year, with levels helped by surging gilt yields. The aggregate liabilities of the 5,215 schemes covered by the Pension Protection Fund’s 7800 Index fell from £1.69 trillion in October 2021 to £1.12 trillion in October 2022.
#ART#Longevity#Pensions
·pensions-expert.com·
PIC predicts £30bn addressable risk transfer market
Collective Enterprises Limited scheme secures full buy-in
Collective Enterprises Limited scheme secures full buy-in
The £1.3 million Collective Enterprises Limited Retirement and Death Benefits Scheme has agreed to a full buy-in covering all of its pensioner and deferred members. The deal was completed in September 2022 with Just Group and covered seven pensioners and 12 deferred members.
#ART#Longevity#Pensions
·pensions-expert.com·
Collective Enterprises Limited scheme secures full buy-in
Target size range for Fidelis' new Herbie Re cat bond lowered despite higher pricing
Target size range for Fidelis' new Herbie Re cat bond lowered despite higher pricing
Fidelis Insurance Holdings has reduced the target size of their Herbie Re Ltd. (Series 2022-1) single-tranche four-year CAT bonds from $100 million to $75 million, and widened the spread roughly 30% above the initial mid-point of price guidance. The bonds cover losses from earthquakes in California, Oregon, Washington and Canada. It will be structured on an annual aggregate and regionally weighted industry loss index basis, across four individual annual risk periods.
#ART#CAT#ILS
·artemis.bm·
Target size range for Fidelis' new Herbie Re cat bond lowered despite higher pricing
Inigo targets second cat bond with $100m Montoya Re 2022-2 issuance
Inigo targets second cat bond with $100m Montoya Re 2022-2 issuance
UK-based Inigo Insurance is looking to issue at least $100 million Montoya Re Ltd. (Series 2022-2) single-tranche 2.5-year CAT bonds. They will cover peak perils of U.S. named storms, U.S. and Canada earthquakes on an annual aggregate basis, triggered by a PCS industry loss index
#ART#CAT#ILS
·artemis.bm·
Inigo targets second cat bond with $100m Montoya Re 2022-2 issuance
Big dollar deals push PRT market to expected new record — report
Big dollar deals push PRT market to expected new record — report
The U.S. pension risk transfer market experienced an estimated $27 billion in volume in the third quarter, which should lead to a new annual record exceeding $50 billion, according to Legal & General. During the third quarter, IBM purchased group annuity contracts from Prudential and Metropolitan Life Insurance Co. to transfer a total of $16 billion in U.S. pension plan liabilities. Other deals included Alcoa's August purchase of group annuity contracts from two Athene Holding subsidiaries to transfer about $1 billion in U.S. pension plan liabilities.
#ART#Longevity#Pensions
·pionline.com·
Big dollar deals push PRT market to expected new record — report
PartnerRe & Zurich back £1bn longevity swap for Fortune 500 pension
PartnerRe & Zurich back £1bn longevity swap for Fortune 500 pension
An unnamed UK pension scheme sponsored by a Fortune 500 company has completed a £1 billion longevity swap with PartnerRe acting as reinsurer and Zurich acting as the intermediary to the swap. The transaction covers both pensioner and non-pensioner members, and insures the majority of the risk that members live longer than expected.
#ART#Longevity#Pensions
·reinsurancene.ws·
PartnerRe & Zurich back £1bn longevity swap for Fortune 500 pension
USAA upsizes ResRe 2022-2 cat bond to $195m, priced at top-end
USAA upsizes ResRe 2022-2 cat bond to $195m, priced at top-end
USAA, the U.S. primary mutual insurer, upsized from $150 million to $195 million its Residential Reinsurance 2022 Limited (Series 2022-2) two-tranche four-year CAT bond issue. They will provide USAA with indemnity and per-occurrence based reinsurance protection, covering it against losses from multiple US perils.
#ART#ILS#CAT
·artemis.bm·
USAA upsizes ResRe 2022-2 cat bond to $195m, priced at top-end
Liberty Mutual targets $125m Mystic Re IV 2023-1 cat bond issuance
Liberty Mutual targets $125m Mystic Re IV 2023-1 cat bond issuance
US-based Liberty Mutual is looking to issue at least $125 million Mystic Re IV Ltd. (Series 2023-1) single-tranche three-year CAT bonds. It will cover losses from named storms and earthquakes affecting the US, Canada and the Caribbean, on a per-occurrence and indemnity trigger basis.
#ART#CAT#ILS
·artemis.bm·
Liberty Mutual targets $125m Mystic Re IV 2023-1 cat bond issuance
Allstate lifts Sanders 2022-3 cat bond target to $125m, at ~14% higher pricing
Allstate lifts Sanders 2022-3 cat bond target to $125m, at ~14% higher pricing
Allstate has upsized its issuance target for its Sanders Re III Ltd. (Series 2022-3) single-tranche four-year four-month CAT bonds from $100 million to $125 million. They will cover coverage against losses from US named storms, earthquakes, severe weather events, wildfires, volcanic eruptions and meteorite impacts, all on a per-occurrence and indemnity trigger basis, and excluding Florida.
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Allstate lifts Sanders 2022-3 cat bond target to $125m, at ~14% higher pricing
Allstate settles for $100m Sanders 2022-3 cat bond at 10x multiple
Allstate settles for $100m Sanders 2022-3 cat bond at 10x multiple
Allstate issued $100 million Sanders Re III Ltd. (Series 2022-3) single-tranche four-year four-month CAT bonds. They will cover coverage against losses from US named storms, earthquakes, severe weather events, wildfires, volcanic eruptions and meteorite impacts, all on a per-occurrence and indemnity trigger basis, and excluding Florida.
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Allstate settles for $100m Sanders 2022-3 cat bond at 10x multiple
AmFam targets $100m+ Four Lakes Re 2022 multi-peril cat bond
AmFam targets $100m+ Four Lakes Re 2022 multi-peril cat bond
American Family Mutual Insurance Company is looking at least $100 million Four Lakes Re Ltd. (Series 2022-1) single-tranche three-year CAT bonds. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfires across the United States on an indemnity trigger and per-occurrence basis.
#ART#CAT#ILS
·artemis.bm·
AmFam targets $100m+ Four Lakes Re 2022 multi-peril cat bond
Balfour Beatty Pension Fund conducts £1.7 billion longevity swap
Balfour Beatty Pension Fund conducts £1.7 billion longevity swap
UK-based Balfour Beatty Pension Fund, London, agreed to a £1.7 billion longevity swap with SCOR and Zurich Assurance. The £3 billion defined benefit fund manages £3 billion and covers 27,000 participants. The longevity swap covers 15,000 participants. SCOR will take on 100% of the longevity risk, while Zurich U.K. will act as an intermediary insurer through a "pass-through" structure that facilitates the risk transfer to SCOR.
#ART#Longevity#Pensions#UnitedKingdom
·pionline.com·
Balfour Beatty Pension Fund conducts £1.7 billion longevity swap
Corporate pension buyouts reach $26 billion in Q3 — LIMRA survey
Corporate pension buyouts reach $26 billion in Q3 — LIMRA survey
U.S. corporate pension plan buyout sales totaled $26.1 billion in the quarter ended September 30, the highest volume for a third quarter, a LIMRA survey found. It also brings the year-to-date volume of buyout sales to $41 billion, breaking the previous annual record of $36 billion in 2012 in just the first three quarters of the year. LIMRA projects the total volume for 2022 will exceed $50 billion. The third quarter a $16 billion group annuity purchase by IBM from Prudential Insurance of America and Metropolitan Life Insurance.
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
Corporate pension buyouts reach $26 billion in Q3 — LIMRA survey
Inigo lifts Montoya Re 2022-2 cat bond target to $110m, as price moves to top-end
Inigo lifts Montoya Re 2022-2 cat bond target to $110m, as price moves to top-end
UK-based Inigo Insurance increased its issuance target for its Montoya Re Ltd. (Series 2022-2) single-tranche 2.5-year CAT bonds from $100 million to $110 million. They will cover peak perils of U.S. named storms, U.S. and Canada earthquakes on an annual aggregate basis, triggered by a PCS industry loss index.
#ILS#CAT#ART
·artemis.bm·
Inigo lifts Montoya Re 2022-2 cat bond target to $110m, as price moves to top-end