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Achmea Pension & Life Insurance, the joint venture between Achmea and Sixth Street, has completed two longevity reinsurance deals with Munich Re and Pacific Life Re covering about €8 billion of pension liabilities and roughly half of its longevity risk. The transactions are intended to provide capital benefits to support Achmea’s growth in pension buyouts and optimize its investment portfolio, while leaving policyholder services and guarantees unchanged. Pacific Life Re has taken on €4 billion of the transferred liabilities. [Reinsurance News]

Allied Trust Insurance Company is looking to issue at least $100 million Sabine Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms in Texas, North Carolina, South Carolina and Louisiana on indemnity and per-occurrence basis. [Source: Artemis.bm]

Hannover Re issued $35 million Cumulus Re (Series 2026-1) single-tranche one-year catastrophe (CAT) bonds. They will cover losses from major cloud service provider outages in specified U.S. cloud regions on parametric and per-occurrence basis. [Source: Artemis.bm]

The North Carolina Insurance Underwriting Association (NCIUA) will issue $600 million Cape Lookout Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $400 million target. They will cover losses from named storms across the state of North Carolina on indemnity and annual aggregate basis. [Source: Artemis.bm]

Eclipse Re Ltd. issued $100 million Eclipse Re Ltd. (Series 2026-1A) single-tranche two-year catastrophe (CAT) bonds. They will cover losses from property catastrophe reinsurance or retrocessional perils for an unknown cedent. No other details have been revealed. [Source: Artemis.bm]

The Andover Companies will issue $200 million Locke Tavern Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds, versus the original $200 million target. They will cover losses from Northeast US named storm, severe thunderstorm, winter storm and earthquake risks across the states of Connecticut, Illinois, Maine, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

Olympus Insurance Company is looking to issue $100 million Abacab Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from Florida named storms in Florida on indemnity and per-occurrence basis. [Source: Artemis.bm]

Canada Life has completed an £80 million bulk annuity buy‑in with the Safeway Pension Scheme, sponsored by Safeway Stores Limited within the Morrison Supermarkets Group, securing liabilities for more than 350 deferred members and about 1,450 pensioners in the scheme’s sixth de‑risking transaction, with investment and longevity risk transferred to Canada Life while trustees retain administration. [Beinsure]

Tokio Marine & Nichido Fire Insurance Co. Ltd. is looking to issue at least $100 million Kizuna Re III Pte. Ltd. (Series 2026-1) single-tranche five-year catastrophe (CAT) bonds. They will cover losses from Japanese earthquakes, including related impacts from shake, tsunami, fire, flooding, dam rupture, sprinkler leakage, sea quakes and seismic volcanic disturbances or eruptions in Japan, on indemnity and three-year rolling aggregate basis. [Source: Artemis.bm]

The Trinity Retirement Benefit Scheme has completed a £270 million bulk purchase annuity deal with M&G’s Prudential Assurance Company, its second and final buy-in, securing the benefits of over 3,200 members and insuring all remaining liabilities.

The Mouchel Business Services Limited Pension Scheme, sponsored by Kier Group, has completed a £9.5 million risk transfer with Just Group to secure the benefits of all 220 members in a complex defined contribution arrangement with a defined benefit underpin, which required restructuring members’ benefits before it could be insured. Members were consulted, given educational materials and paid-for independent financial advice, and the deal included an accelerated move to full administration, with Just’s partnership with the Smart Pension Master Trust used to manage different benefit components.

Allstate will issue Sanders Re IV Ltd. (Series 2026-1A) and Sanders Re III Ltd. (Series 2026-1B) catastrophe (CAT) two-tranche bonds for a total amount of $1,200 million across the two issuances, versus an original target of $500 million. Two of the tranches provide four years of coverage, the others five years. All will cover losses from named storm, earthquake, severe weather, wildfire, volcanic eruption, or meteorite impact events, across the United States (except for Florida) on a per-occurrence and indemnity triggered basis. [Source: Artemis.bm]

Heritage Insurance Holdings is looking to issue at least $250 million Citrus Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from US named storms across Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Rhode Island, Virginia, and Hawaii (Hawaii covered in Class B tranche only) on an indemnity and per-occurrence basis. [Source: Artemis.bm]

SageSure will issue the targeted $175 million of Gateway Re Ltd. (Series 2026-2) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S. named storm, earthquake, severe thunderstorm, winter storm, and wildfire across Florida, Louisiana, Mississippi, New York, South Carolina, and Texas on indemnity and per-occurrence basis. [Source: Artemis.bm]

The California FAIR Plan Association will issue $400 million Golden Bear Re Ltd. (Series 2026-2) single-tranche three-year catastrophe (CAT) bonds, versus the original $200 million target. They will cover losses from California wildfire on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

American Integrity Insurance Company will issue $260 million Integrity Re III Ltd. (Series 2026-1) four-tranche three-year catastrophe (CAT) bonds, versus the original $175 million target. They will cover losses from named storms across the states of Florida, Georgia, North Carolina and South Carolina, on an indemnity trigger and per-occurrence basis. In addition, there is an element of coverage for watercraft policy losses in the Bahamas. [Source: Artemis.bm]

Lumen Re will issue $175 million Photon Re Ltd. (Series 2026-1) two-tranche four-year catastrophe (CAT) bonds, versus the original $125 million target. They will cover losses from named storms and earthquakes across the US and Canada on industry loss index and annual aggregate basis. [Source: Artemis.bm]

Slide Insurance Company will issue $320 million Purple Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $250 million target. They will cover losses from named storm across the states of Florida, South Carolina, Rhode Island, New Jersey and New York on an indemnity and per-occurrence basis. [Source: Artemis.bm]

Engineering firm Senior plc has completed a £180m bulk annuity deal with M&G, securing the pensions of over 3,000 members of its defined benefit scheme, which had a £43m surplus as of mid-2025. The deal included "residual risk" cover and was facilitated by advisers LCP, Osborne Clarke, and CMS. Separately, Canada Life reported £800m in bulk annuity business in Q4 2025, with transaction sizes ranging from £40m to £330m, and notably onboarded its first pension schemes with deferred members — a key milestone for the insurer as competition in the bulk annuity market continues to grow. [Source: Canada Life]

Legal & General (L&G) completed three pension scheme buy-ins totaling £86m for an unnamed family-owned manufacturing and construction company, covering 896 members across deferred and pensioner categories. Advised by Broadstone, the three schemes were brought to market together to secure more competitive pricing, particularly benefiting the smaller plans — and the entire process was completed in under six weeks. Separately, Just Group insured the Noble Denton Consultants Limited Pension Scheme for £11.4m, covering 106 members of a UK subsidiary of Norwegian firm DNV, with escrow arrangements used to provide flexibility and certainty in completing the deal before the end of 2025.

The Asian Development Bank (ADB) is planning to issue its first-ever catastrophe bond in the first half of 2026, valued at $120–$150 million, to protect the Kyrgyz Republic and Tajikistan against earthquake and flood risks over a three-year term. The parametric bond, called a Disaster Relief Bond (DRB), will be issued directly under ADB's Global Medium-Term Note (GMTN) program, leveraging its AAA credit rating to simplify the structure and reduce costs — eliminating the need for a special purpose vehicle or collateral. Payouts will be triggered automatically based on predefined disaster thresholds, providing up to $50 million per country for earthquakes and $10–$25 million for floods, with each country also receiving a $15 million grant from the Asian Development Fund to help cover risk premiums. [Source: Artemis.bm]

PIC has completed a £113 million full buy-in transaction with the Steria Management Plan Section of the Sopra Steria Retirement Benefits Scheme, securing benefits for all 355 members. [Source: Reinsurance News]

The IBM I.T. Solutions Pension Scheme (I Plan) has completed a £700 million buy-in deal with Standard Life in November 2025, securing benefits for over 3,600 pensioner and deferred members while removing funding and investment risk from the scheme. [Source: Pensions Age]

The Andover Companies is looking to issue at least $200 million Locke Tavern Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from Northeast US named storm, severe thunderstorm, winter storm and earthquake risks across the states of Connecticut, Illinois, Maine, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

The North Carolina Insurance Underwriting Association (NCIUA) is looking to issue at least $400 million Cape Lookout Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms across the state of North Carolina on indemnity and annual aggregate basis. [Source: Artemis.bm]

The KLM UK Pension Scheme has completed a £240 million buy-in transaction with Rothesay, securing coverage for all 1,852 previously uninsured members, including 924 pensioners and dependents plus 928 deferred members. [PensionsAge]

U.K.-based Vistry's three final salary pension schemes have completed a £155 million full buy-in deal with Pension Insurance Corporation (PIC), securing benefits for 1,671 members across the Bovis Homes Pension Scheme, Galliford Try Final Salary Pension Scheme, and Kendall Cross Holdings Limited Pension and Assurance Scheme. [PensionsAge]

A U.K.-based arts-based higher education pension scheme has completed a £12 million buy-in transaction with Just Group, securing benefits for 155 pensioners and deferred members. While initially appearing straightforward, the deal involved significant pension benefit complexities that required detailed preparation and close collaboration between the trustees (Capital Cranfield), advisers (First Actuarial, Arc Pensions Law, WBR Group, and Isio), and the insurer. [PensionsAge]

U.S.-based TFS Financial Corporation has terminated its defined benefit pension plan. The company expects to settle its benefit obligations through lump-sum distributions to participants and the subsequent purchase of annuity contracts from a third party within nine to twelve months of the plan's termination. However, the finalization of this plan remains subject to conditions such as regulatory review, and the company maintains the authority to modify the termination date or revoke the decision entirely. [TFS]