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The MMC UK Pension Fund has entered into a £2 billion longevity swap and reinsurance arrangement with Munich Re, covering roughly 14,500 pensioners, deferred and active defined benefit members of the pension fund. The longevity risk was insured through a captive Guernsey insurance cell and simultaneously reinsured with Germany’s Munich Re. This transaction comes after the fund’s £3.4 billion longevity swaps previously transacted in 2017 with two other reinsurers. [Artemis]

Deutsche Bank's DB (U.K.) Pension Scheme, London, has purchased a £500 million group annuity contract from Legal & General Assurance Society to insure the benefits of about 2,000 retirees and deferred participants. Earlier in 2023, the pension fund insured £400 million in liabilities through a buy-in with Aviva, and £570 million in liabilities through a buy-in with Legal & General Assurance Society in 2021. [Pensions & Investments]

U.S. primary insurer Safepoint issued $195 million of Nature Coast Re Ltd. (Series 2023-1) two-tranche three-year CAT bonds, versus the original $150 million target. 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]

Nationale-Nederlanden (NN) Group issued €75 million Orange Capital Re DAC (Series 2023-1) single-tranche three-year catastrophe (CAT) bonds. They will cover windstorm and severe thunderstorm risks in Belgium and the Netherlands on an indemnity and per-occurrence basis. [Artemis]

UK-based Beazley is looking to issue at least $100 million Fuchsia 2023-1 Rule 144A single-tranche three-year catastrophe bonds using the Lloyd’s owned London Bridge 2 PCC Limited insurance-linked securities (ILS) platform. They will cover losses from named storm and earthquake events affecting the United States, Canada and certain parts of the Caribbean on an indemnity and per-occurrence basis.

Liberty Mutual is looking to issue at least $250 million Mystic Re IV Ltd. (Series 2024-1) single-tranche three-year catastrophe bonds. They will cover losses from named storms and earthquakes affecting the United States, Puerto Rico and Virgin Islands, and earthquakes only in Canada, on a per-occurrence and weighted industry loss trigger basis. [Artemis]

The Geneva Association published a survey-based analysis of emerging risks and analyses their future scope of insurability. It identifies major obstacles to insurability of climate and cyber risks, such as a lack of randomness and independence as well as highly problematic loss potentials. For intangible risks such as loss of reputation, key insurability challenges include information asymmetries and loss measurement. By making it more difficult for insurers to pool and redistribute risk, these shifts present challenges to insurability. [Geneva Association]

The UK-based Co-operative Pension Scheme insured the remaining £4 billion of liabilities for its Co-op Section through a buy-in with Rothesay. The deal covers almost 50,000 participants and is the final step to fully derisking the pension fund. The deal required no contributions from the sponsoring employer since the plan is in surplus. The Co-operative Group had already completed buy-ins for the overall plan, most recently insuring £1.2 billion in liabilities for its Co-operative Bank Section through a buy-in with Rothesay in December 2022. [Pensions Age]

UK-based Boots PLC agreed to a £4.8 billion full buy-in for its Boots Pension Scheme with Legal & General. The deal secured the benefits of all 53,000 retirees and deferred retirees of the plan, which L&G said made it the U.K.'s largest single transaction of its kind by premium size. Boots brought forward about £170 million in already-committed payments to the plan, as well as a commitment to pay about £500 million in additional contributions, to seal the deal. [Pensions & Investments]

Chubb is looking to issue at least $100 million East Lane Re VII Ltd. (Series 2024-1) single-tranche two-year catastrophe (CAT) bonds. They will widespread cyber loss events, on an indemnity trigger and per-occurrence basis. [Artemis]

Crédit Agricole subsidiary insurer Pacifica issued €160 million Taranis Reinsurance DAC 2023 two-tranche 4-year catastrophe (CAT) bonds. They will cover losses from windstorms and hail storm events affecting France, Monaco and Andorra. A €110 million Class A tranche will cover losses from windstorms and hailstorms across the covered area on a per-occurrence basis, whereas a €50 million Class B tranche will only cover windstorm losses and on an annual aggregate and second event basis. [Artemis]

Bermuda-based Hamiltonis looking to issue at least $150 million Easton Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S., DC, Puerto Rico, and Virgin Islands named storms, as well as U.S. and Canada earthquakes, on an industry loss trigger and per-occurrence basis. [Artemis]

U.S.-based Unisys purchased group annuity contracts from two F&G Annuities & Life subsidiaries to transfer about $250 million in U.S. pension plan liabilities. The transactions will transfer the responsibilities of paying benefits to about 3,900 retirees and beneficiaries to Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty Life Insurance Co. of New York. The population consists of retirees and beneficiaries who receive monthly benefits lower than certain thresholds. [Pensions & Investments]

The California Earthquake Authority (CEA) issued $650 million Ursa Re Ltd. (Series 2023-3) two-tranche three-year catastrophe bonds versus the original $400 million target. They will cover losses from California earthquakes on an indemnity and annual aggregate basis. [Artemis]

U.S.-based Selective Insurance issued $325 million High Point Re Ltd. (Series 2023-1) single-tranche three-year catastrophe (CAT) bonds versus the original target of $200 million. They will cover losses from named storms, earthquakes, severe thunderstorms, winter storms, wildfires, meteorite impacts and volcanic eruptions across the United States, except for the key cat exposed states of California, Florida, Louisiana and Texas. The coverage will be on an indemnity and per-occurrence basis. [Artemis]

AXA XL issued $375 million Galileo Re Ltd. (Series 2023-1) issuance two-tranche two- and four-year catastrophe (CAT) bonds, versus the original $250 million target. They will cover losses from U.S., DC, Puerto Rico, and Virgin Islands named storm, as well as U.S. and Canada earthquakes, all on a per-occurrence and weighted industry loss index trigger basis. [Artemis]

U.S.-based The Hartford is looking to issue $200 million Foundation Re IV Ltd. (Series 2023-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms and earthquakes on a an indemnity trigger and per-occurrence basis. [Artemis]

Thales UK Pension Scheme insured £2.7 billion in liabilities through a buy-in with Rothesay Life. The transaction, which insures all liabilities of the pension fund, secures the benefits of 10,512 retirees and beneficiaries, and 5,915 deferred participants. Rothesay Life also noted it had accepted a number of illiquid assets held in the pension fund's investment portfolio as part of the transaction premium. [Pensions & Investments]

U.S.-based private equity firm Carlyle Group is exploring taking on a potential role in pension risk transfers markets by providing financial support for reinsurers that back insurers that assume pension liabilities. Carlyle isn't expected to create insurance contracts using its own balance sheet. Its top leaders have repeatedly stressed the firm has no desire to become an insurer — or be regulated like one. The time is ripe for the business, as rising interest rates have reduced the estimated value of future obligations for many pensions. That means many plans currently have enough assets to meet all predicted liabilities, giving employers an opening to offload their obligations without having to put up cash to fill a gap. [Pensions & Investments]

Private catastrophe bond issuance for 2023 has now reached $642 million, as a new issuance of privately placed insurance-linked securities (ILS) has been completed by the Eclipse Re vehicle, a nearly $100 million Eclipse Re Ltd. (Series 2023-9A) two-year deal. Eclipse Re Ltd. is a private syndicated collateralised reinsurance note, private catastrophe bond, issuance and reinsurance transformer platform, that is domiciled in Bermuda and owned / operated by ILS market facilitator Artex Capital Solutions. [Artemis]

Issuance of Rule 144A property catastrophe bonds has now officially set a new annual record for 2023, as the total issued surpassed $12.6 billion with the settlement of the California Earthquake Authority (CEA), Ursa Re 2023-3, and the Crédit Agricole subsidiary Pacifica's Taranis Re DAC 2023. Once all currently marketed cat bonds are completed, the overall issuance total for the cat bond market, across the three categories we track, is currently forecast by Artemis to reach $15.9 billion by year-end. [Artemis]

"So will schemes all buy-out? According to the parliamentary testimony of the insurance industry there are absolutely no capacity problems, no really, none at all, promise promise, cross my heart and hope to die. This declaration tends to elicit chuckles from pension scheme trustees, and the PPF submitted in their response to the call for evidence around the question of a public sector consolidator reckoned that “there is very likely to be a multi-year queue” for buy-out given very real capacity constraints."

"The PPF Purple book was published this week and – as expected – it told a story of corporate DB funds in aggregate surplus. Toby Nangle’s FT article beautifully illustrates just how much a fourfold increase in gilt yields makes to the theoretical funding levels of the 5200 corporately sponsored  DB schemes."

Germany-based Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts’ (VKB) issued €175 million King Max Re DAC 2023 single-tranche three-year catastrophe bonds versus the original target of €150 million. The bonds will cover losses from earthquakes, hailstorms, floods and windstorms in Germany, on an indemnity and per-occurrence basis. [Artemis]

American Family Mutual Insurance (AmFam) issued $175 million Four Lakes Re Ltd. (Series 2023-1) two-tranche three-year catastrophe (CAT) bonds versus the original $150 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. [Artemis]

Allianz issued €250 million Blue Sky Re DAC (2023-1) single-tranche three-year catastrophe (CAT) bonds. They will cover European windstorm losses on a weighted industry loss trigger and per-occurrence basis. The largest contributors to the windstorm expected loss of this new Allianz cat bond are said to be the countries of Germany, the UK and France. [Artemis]

Swiss Re is looking to issue at least $50 million Matterhorn Re Ltd. (Series 2023-1) single-tranche three-year catastrophe (CAT) bonds. They will cover cyber industry insured losses from the United States, on a per-occurrence basis. [Artemis]

Liberty Mutual issued $300 million Mystic Re IV Ltd. (Series 2024-1) single-tranche three-year catastrophe bonds, versus the original $250 million target. They will cover losses from named storms and earthquakes affecting the United States, Puerto Rico and Virgin Islands, and earthquakes only in Canada, on a per-occurrence and weighted industry loss trigger basis. [Artemis]

Bermuda-based Hamilton issued $200 million Easton Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, upsized from the original $150 million target. They will cover losses from U.S., DC, Puerto Rico, and Virgin Islands named storms, as well as U.S. and Canada earthquakes, on an industry loss trigger and per-occurrence basis. [Artemis]

Hiscox Group is looking to issue at least $100 million Ocelot Re Ltd. (Series 2023-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from US and Canadian named storm and earthquakes on an annual aggregate and weighted PCS industry-loss trigger basis. [Artemis]