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Kellogg insures $590 million in U.K. pension liabilities
Kellogg insures $590 million in U.K. pension liabilities
"US-based Kellogg Co. completed a pension buy-in transaction to insure about $590 million in liabilities for its U.K. pension plan. The food company purchased a group annuity contract from an undisclosed insurance company to complete the transaction in May, according to its 10-Q filing. It is the first known pension risk transfer transaction by the U.S.-based company for its U.K. pension plan. In 2020, Kellogg purchased a group annuity contract from another undisclosed insurer to transfer about $470 million in U.S. pension plan assets and liabilities." [Pensions & Investments]
#ART#Longevity#Pensions
·pionline.com·
Kellogg insures $590 million in U.K. pension liabilities
Goodyear completes termination of Cooper Tire pension plan
Goodyear completes termination of Cooper Tire pension plan
"US-based Goodyear Tire & Rubber Co.completed the termination of the Cooper Tire U.S. salaried pension plan during the second quarter, the company disclosed in its 10-Q filing with the SEC. Goodyear said in the filing that during the quarter ended June 30, 2023, it completed lump-sum payments to participants and purchased a group annuity contract to an undisclosed insurer." [Pensions & Investments]
#ART#Longevity#Pensions
·pionline.com·
Goodyear completes termination of Cooper Tire pension plan
Public Service Enterprise Group to transfer $1 billion in pension liabilities
Public Service Enterprise Group to transfer $1 billion in pension liabilities
"US-based Public Service Enterprise Group Inc. signed a commitment to purchase a group annuity contract from Prudential Insurance Co. of America to transfer about $1 billion in U.S. pension plan liabilities. The utility company said in its 10-Q filing with the SEC that it signed the commitment in July 2023, and it will transfer the responsibility of paying benefits of about 2,000 retirees from "PSEG Power & Other, excluding Services (Participants)" to the insurer." [Pensions & Investments]
#ART#Longevity#Pensions
·pionline.com·
Public Service Enterprise Group to transfer $1 billion in pension liabilities
Pension risk transfers appeal to many U.K. trustees – survey
Pension risk transfers appeal to many U.K. trustees – survey
Rising pension funding levels have many U.K. trustees considering bulk annuities sooner, a Standard Life survey found. For 92% of the trustees surveyed, improved funding levels driven by higher gilt yields, rising inflation rates and slower longevity improvements were key factors. While bulk annuities were not on DB trustees' immediate horizons even just a year ago, funding levels have improved to the point that they now are for many pension funds. 86% anticipate their scheme approaching an insurer for a bulk annuity within the next five years. See: https://www.standardlife.co.uk/about/press-releases/db-pension-scheme-trustees-insurer-five-years
#ART#Longevity#Pensions#UnitedKingdom
·standardlife.co.uk·
Pension risk transfers appeal to many U.K. trustees – survey
Longevity risk and capital markets: the 2021–22 update
Longevity risk and capital markets: the 2021–22 update
A special issue of the Journal of Demographic Economics contains 10 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity 16: The Sixteenth International Longevity Risk and Capital Markets Solutions Conference that was held in Helsingør near Copenhagen on 13–14 August 2021. It was hosted by PerCent at Copenhagen Business School and the Pensions Institute at City, University of London.
#ART#Longevity#Pensions
·cambridge.org·
Longevity risk and capital markets: the 2021–22 update
P&O Pension Scheme enters into full pension buy-in
P&O Pension Scheme enters into full pension buy-in
"The U.K.-based P&O Pension Scheme insured £440 million in liabilities through a full buy-in with Rothesay Life. The latest deal covers the liabilities of around 5,300 plan participants. The pension fund previously completed one buy-in, which covered the liabilities of its retired participants in 2007. The initial transaction was insured by Paternoster, which was acquired by Rothesay in 2011. The plan had £1.4 billion in assets as of December 31, 2022." [Pensions & Investments]
#ART#Longevity#Pensions
·pionline.com·
P&O Pension Scheme enters into full pension buy-in
U.S. PRT sales totaled $16.2 billion in Q2, more than doubling Q1 volume
U.S. PRT sales totaled $16.2 billion in Q2, more than doubling Q1 volume
"U.S. pension risk transfer sales totaled $16.2 billion in the second quarter, more than doubling the volume from the previous quarter, a LIMRA survey found. The total volume in the second quarter also exceeded the volume during the same period last year by 31%, according to the survey. The increase in buyout volume from $12.3 billion in the second quarter of 2022 was primarily due to a single transaction. On May 1, Dallas-based AT&T Inc. announced the third-largest U.S. buyout transaction in history, having completed an agreement to purchase group annuity contracts from two Athene Holding subsidiaries to transfer $8.1 billion in U.S. pension plan liabilities." [Pensions & Investments] https://www.limra.com/en/newsroom/news-releases/2023/limra-u.s.-pension-risk-transfer-sales-jump-31-in-second-quarter-2023/
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
U.S. PRT sales totaled $16.2 billion in Q2, more than doubling Q1 volume
AAR Corp. buys group annuity contracts, terminating pension plan
AAR Corp. buys group annuity contracts, terminating pension plan

AAR Corp. buys group annuity contracts, terminating pension plan U.S.-based AAR Corp. purchased group annuity contracts from American National Insurance Co. and American National Life Insurance Co. of New York to complete the termination of its pension plan. The purchase closed on August 22, according to an 8-K filing. As a result of the purchase, the insurers will take on the responsibility of paying the benefits for about 900 participants and beneficiaries beginning on November 1. [Pensions & Investments]

#ART#Pensions#Longevity#UnitedStates
·pionline.com·
AAR Corp. buys group annuity contracts, terminating pension plan
Sandy Spring Bancorp buys group annuity to finish termination of pension plan
Sandy Spring Bancorp buys group annuity to finish termination of pension plan
U.S.-based Sandy Spring Bancorp completed a $33.7 million pension obligation transfer on August 23 to complete the termination of its pension plan, according to an 8-K filing. Based on participant elections, the pension obligations were distributed through a combination of lump sum payments to participants and the purchase of a group annuity contract with Principal Life Insurance Company. [Sandy Spring Bancorp 8-K]
#ART#Pensions#Longevity#UnitedStates
·streetinsider.com·
Sandy Spring Bancorp buys group annuity to finish termination of pension plan
U.K.'s ITB Pension Funds completes final buy-in deal for its Open Fund
U.K.'s ITB Pension Funds completes final buy-in deal for its Open Fund
U.K.-based ITB Pension Funds has purchased a group annuity contract from insurance company Just Group for a fifth and final pension buy-in transaction for its Open Fund. The agreement was reached on July 21, and the buy-in insures £290 million in pension liabilities, which represents the remaining participants in the Open Fund that were not previously insured. [Pensions & Investments]
#ART#Pensions#Longevity#UnitedKingdom
·pionline.com·
U.K.'s ITB Pension Funds completes final buy-in deal for its Open Fund
Catastrophe Bonds: A Primer and Retrospective
Catastrophe Bonds: A Primer and Retrospective
"Since 1997, the catastrophe (CAT) bond market has provided the insurance industry with protections against natural disasters that have grown more frequent and costly. This article explains how CAT bonds work, and then looks at how the market for them has grown in size, coverage, and sophistication over the past two decades. It also explores how and why different types of institutions use CAT bonds to transfer insurance risks."
#ART#ILS#CAT#UnitedStates
·chicagofed.org·
Catastrophe Bonds: A Primer and Retrospective
ABI’s pension scheme completes £18.4m buy-out with Just Group
ABI’s pension scheme completes £18.4m buy-out with Just Group
The Association of British Insurer’s (ABI) Pension and Assurance Scheme completed an £18.4 million buyout with Just Group in June 2023. The deal secures the benefits of remaining members of the pension scheme, including 16 pensioners and 118 deferred members. [Pensions Expert]
#ART#Longevity#Pensions
·pensions-expert.com·
ABI’s pension scheme completes £18.4m buy-out with Just Group
Alternative capital flat at $100bn high at mid-year 2023: Aon
Alternative capital flat at $100bn high at mid-year 2023: Aon
"Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, remained static at its $100 billion at the mid-point of 2023, according to insurance and reinsurance broker Aon. The latest analysis of global reinsurance capital from Aon’s Reinsurance Solutions division shows no outright growth in the ILS and alternative capital space through the second-quarter, although traditional reinsurance capital continued to recover." [Artemis] https://www.aon.com/reinsurance/thoughtleadership/default/ils-annual-report-september-2023
#ART#ILS#CAT#Reinsurance
·artemis.bm·
Alternative capital flat at $100bn high at mid-year 2023: Aon
ILS investors may ask for more safety & security after Vesttoo scandal: Fitch
ILS investors may ask for more safety & security after Vesttoo scandal: Fitch
Analysts at Fitch Ratings say that the Vesttoo scandal may push investors in insurance-linked securities (ILS) to focus on the safety of structures and the security of collateral. Of course, it’s important to note that the majority of ILS structures, especially catastrophe bonds and most ILS fund manager strategies, utilise cash and secure, highly rated liquid assets, such as US treasuries, to provide collateral security for their reinsurance and retrocession obligations. But, where there are letters of credit (LOCs) in the ILS industry, as well as more broadly in reinsurance, with these being the form of collateral that is the focus of the Vesttoo scandal as billions of dollars worth have been found to be fraudulent.
#ART#ILS#CAT
·artemis.bm·
ILS investors may ask for more safety & security after Vesttoo scandal: Fitch
Isosceles private cat bonds totaling $87.6m issued
Isosceles private cat bonds totaling $87.6m issued
Bermuda-based Isosceles Insurance issued six tranches of privately placed CAT bonds with a total value of $87.6 million, structured as discounted zero-coupon participating notes maturing in less than a year and listed on the Bermuda Stock Exchange.
#ART#ILS#CAT
·artemis.bm·
Isosceles private cat bonds totaling $87.6m issued
M&G re-enters bulk annuity purchase market
M&G re-enters bulk annuity purchase market
UK-based M&G announced a £331 million buy-in transaction of the M&G Group Pension Scheme (M&GGPS), one of the group’s own pension schemes, as well as a £286 million bulk annuity transaction for an external scheme. The buy-in was insured through M&G's wholly owned life and pensions subsidiary Prudential. The whole scheme buy-in for the M&GGPS secured the benefits of 1,414 pensioner and deferred members. M&G said active members were given the choice of either continuing with defined benefit accrual in a different M&G group pension scheme or becoming part of the bulk purchase transaction and joining a defined contribution arrangement for the future. [Pension Expert]
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
M&G re-enters bulk annuity purchase market
U.K. Cable and Wireless super fund inks £340 million buy-in with Legal & General
U.K. Cable and Wireless super fund inks £340 million buy-in with Legal & General
The U.K.-based Cable and Wireless Superannuation Fund purchased a group annuity contract from Legal & General Assurance Society to secure a fourth and final pension buy-in transaction worth £340 million. The contract insures the benefits of about 1,800 retirees and deferred participants. The pension fund had previously completed pension buy-ins with Legal & General in 2017 and 2019 and another undisclosed insurer in 2008. https://group.legalandgeneral.com/en/newsroom/press-releases/legal-general-agrees-c-340m-buy-in-with-the-cable-and-wireless-superannuation-fund
#ART#Longevity#Pensions#UnitedKingdom
·pionline.com·
U.K. Cable and Wireless super fund inks £340 million buy-in with Legal & General
CEA seeks $150m+ of quake reinsurance with Ursa Re 2023-2 cat bond
CEA seeks $150m+ of quake reinsurance with Ursa Re 2023-2 cat bond
The California Earthquake Authority (CEA) is looking to issue $150 million or more Ursa Re Ltd. (Series 2023-2) single-tranche three-year CAT bonds. They will cover California earthquakes on an indemnity and annual aggregate basis, which is typical of all CEA CAT bonds. [Artemis]
#ART#ILS#CAT
·artemis.bm·
CEA seeks $150m+ of quake reinsurance with Ursa Re 2023-2 cat bond
90% of U.S. companies with DB plans looking for exits via PRT – MetLife
90% of U.S. companies with DB plans looking for exits via PRT – MetLife
According to MetLife's 2023 Pension Risk Transfer Poll, 89% of U.S. corporations with defined benefit plans it surveyed look to fully transfer all their liabilities in an average of 4.1 years. Catalysts include inflation (49%), increases in volumes of retirees (42%), market volatility (42%) and rising interest rates (42%) and 35% saying favorable annuity pricing. 250 executives at 250 corporations with defined benefit plan assets of $100 million or more were polled between July 5 and July 27. [Pensions & Investments]
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
90% of U.S. companies with DB plans looking for exits via PRT – MetLife
Northern Bank completes pension buy-in with M&G
Northern Bank completes pension buy-in with M&G
UK-based M&G entered into a £331 million buy-in transaction for one of its own pension funds, the M&G Group Pension Scheme, that was ensured by its parent company, Prudential. Active plan participants could choose between continuing with defined benefit accrual in a different M&G group pension fund or being part of the bulk purchase transaction and joining a defined contribution plan. [Pensions & Investments]
#ART#Longevity#Pensions#UnitedKingdom
·pionline.com·
Northern Bank completes pension buy-in with M&G
CEA prices new cat bond, secures upsized $230m of quake reinsurance
CEA prices new cat bond, secures upsized $230m of quake reinsurance
The California Earthquake Authority (CEA) issued $230 million Ursa Re Ltd. (Series 2023-2) single-tranche three-year catastrophe (CAT) bonds versus the original $150 million target. They will cover California earthquakes on an indemnity and annual aggregate basis, which is typical of all CEA CAT bonds. [Artemis]
#ART#ILS#CAT
·artemis.bm·
CEA prices new cat bond, secures upsized $230m of quake reinsurance
LSE Group pension fund completes buy-in
LSE Group pension fund completes buy-in
London Stock Exchange Group Pension Scheme completed a £335 million buy-in with Standard Life. The transaction was completed in May 2023 and covers 1,740 participants in the LSE and London Clearing House sections of the pension fund. [Pensions & Investments]
#ART#Longevity#Pensions#UnitedKingdom
·pionline.com·
LSE Group pension fund completes buy-in
Covéa targets €100m+ windstorm reinsurance with Hexagon IV Re cat bond
Covéa targets €100m+ windstorm reinsurance with Hexagon IV Re cat bond
French mutual insurer Covéa is looking to issue at least €100 million Hexagon IV Re Ltd. (Series 2023-1) two-tranche four-year CAT bonds. They will cover windstorms that hit France, Monaco and Andorra on a per-occurrence and an indemnity trigger basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
Covéa targets €100m+ windstorm reinsurance with Hexagon IV Re cat bond
ATI inks deal to transfer 85% of its pension plan liabilities
ATI inks deal to transfer 85% of its pension plan liabilities
US-based ATI will purchase group annuity contracts from Athene Holdings to transfer 85% of its remaining U.S. pension plan liabilities. The U.S. qualified defined benefit (DB) pension plans represented $1.77 billion in liabilities on December 31, 2022. In 2023, the company contributed $272 million in cash to the plans, which is intended to fully fund the remaining DB pension liabilities.
#ART#Longevity#Pensions#UnitedStates
·prnewswire.com·
ATI inks deal to transfer 85% of its pension plan liabilities
Safepoint seeks $150m Nature Coast Re named storm CAT bond
Safepoint seeks $150m Nature Coast Re named storm CAT bond
U.S. primary insurer Safepoint is looking to issue at least $150 millionof Nature Coast Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds. They will cover certain losses from named storm losses in the states of Florida and Louisiana on a per-occurrence and indemnity trigger basis. [Artemis]
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Safepoint seeks $150m Nature Coast Re named storm CAT bond
USAA targets $300m multi-peril reinsurance with Residential Re 2023-2 cat bond
USAA targets $300m multi-peril reinsurance with Residential Re 2023-2 cat bond
USAA is looking to issue at least $300 million Residential Reinsurance 2023 Limited (Series 2023-2) three-tranche CAT bonds. They will provide USAA with per-occurrence and indemnity based reinsurance protection against losses from the perils of U.S. tropical cyclones, earthquakes (plus fire following), severe thunderstorm, winter storm, wildfire, volcanic eruption, meteorite impact, other perils (all including auto & renter policy flood losses). There is a zero-coupon one-year tranche and two four-year tranches. [Artemis]
#ART#CAT#ILS
·artemis.bm·
USAA targets $300m multi-peril reinsurance with Residential Re 2023-2 cat bond
Bayer Group Pension Plan agrees to pension buy-in from Canada Life
Bayer Group Pension Plan agrees to pension buy-in from Canada Life
UK-based Bayer Group Pension Plan agreed to a £280 million buy-in with Canada Life. The plan's first such transaction covers 40% of benefits being paid to retirees. The agreement also creates an umbrella contract that enables trustees to potentially insure further liabilities efficiently if and when further opportunities arise. As of March 31, 2022, the Bayer Group plan had £1.78 billion in assets, the most recently-released data. [Pensions & Investments]
#ART#Longevity#Pensions#UnitedKingdom
·pionline.com·
Bayer Group Pension Plan agrees to pension buy-in from Canada Life