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Huntington Ingalls Industries transfers $411 million in pension liabilities
Huntington Ingalls Industries transfers $411 million in pension liabilities
U.S.-based Huntington Ingalls Industries purchased a group annuity contract from an undisclosed insurance company to transfer $411 million in U.S. pension plan liabilities on November 3, 2023. The purchase transfers the responsibility of paying benefits to about 10,000 retirees and beneficiaries. The annuity contract was purchased using assets from its pension plan master trust, and the company did not have to make any additional contributions to that master trust. [Pensions & Investments]
#ART#Longevity#Pensions#UnitedStates
·pionline.com·
Huntington Ingalls Industries transfers $411 million in pension liabilities
FEMA targets $350m FloodSmart Re 2024-1 NFIP catastrophe bond
FEMA targets $350m FloodSmart Re 2024-1 NFIP catastrophe bond
The U.S. Federal Emergency Management Agency (FEMA) is looking to issue at least $350 million FloodSmart Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will provide the National Flood Insurance Program (NFIP) with flood reinsurance protection on an indemnity and per-occurrence basis. [Artemis]
#ART#ILS#CAT#UnitedStates
·artemis.bm·
FEMA targets $350m FloodSmart Re 2024-1 NFIP catastrophe bond
Shell Transfers 21,500 Retirees' Pensions to Prudential
Shell Transfers 21,500 Retirees' Pensions to Prudential
Shell USA has closed a $4.9 billion transfer of pension liabilities to Prudential Financial, covering a block of 21,500 retirees. The company’s pension had 26,536 active participants at the end of the 2022 plan year and 9,299 retired or separated participants entitled to future benefits. At the end of 2022, the plan had assets of $14.468 billion. [Read more at Plansponsor]
#ART#Longevity#Pensions#UnitedStates
·plansponsor.com·
Shell Transfers 21,500 Retirees' Pensions to Prudential
Arch sponsoring $100m Ramble Re catastrophe bond
Arch sponsoring $100m Ramble Re catastrophe bond
Bermuda headquartered Arch Capital Group is looking to issue at least $100 million Ramble Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from significant US Northeast named storms, and US and Canadian earthquakes, on a weighted industry loss trigger per-occurrence basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
Arch sponsoring $100m Ramble Re catastrophe bond
American Integrity to broaden cat bond coverage with new $150m+ Integrity Re 2024-1
American Integrity to broaden cat bond coverage with new $150m+ Integrity Re 2024-1
US-based American Integrity Insurance Company is looking to issue at least $150 million Integrity Re Ltd. (Series 2024-1) four-tranche two-year catastrophe (CAT) bonds. They will cover losses from named storms across the states of Florida, Georgia and South Carolina on an indemnity basis. One of the tranches will provide annual aggregate coverage and the other three per-occurrence coverage that would cascade down after events erode lower layers of the insurers’ tower. [Artemis]
#ART#ILS#CAT#UnitedStates
·artemis.bm·
American Integrity to broaden cat bond coverage with new $150m+ Integrity Re 2024-1
Fidelis gets $150m Herbie Re 2024-1 index cat bond with significant price reduction
Fidelis gets $150m Herbie Re 2024-1 index cat bond with significant price reduction
Fidelis Insurance issued $150 million Herbie Re Ltd. (Series 2024-1) two-tranche four-year catastrophe (CAT) bonds. They will cover losses from US named storm and US earthquake risks, including DC, Puerto Rico and the US Virgin Islands, on an annual aggregate and regionally weighted industry loss index basis. [Artemis]
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Fidelis gets $150m Herbie Re 2024-1 index cat bond with significant price reduction
The changing face of bulk annuities
The changing face of bulk annuities
According to Legal & General (L&G) 2023 was a record year for the U.K. bulk annuity market in which over £50 billion was written, including five worth more than £2.5 billion, versus one such large deal in 2022 and ten between 2014 and 2022. L&G is forecasting similar levels of business for years ahead. Hymans Robertson and Willis Towers Watson (WTW) have made similar estimates and forecasts, with WTW forecasting £80 billion in 2024. [Pensions Expert]
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
The changing face of bulk annuities
SageSure targets up to $200m Gateway Re 2024-1 cat bond for reciprocals
SageSure targets up to $200m Gateway Re 2024-1 cat bond for reciprocals
SageSure is looking to issue up to $200 million Gateway Re Ltd. (Series 2024-1) two-tranche one- and three-year catastrophe (CAT) bonds. They will cover losses from named storms affecting the US states of Alabama, North and South Carolina, Louisiana, Mississippi, and Texas, on an indemnity trigger and per-occurrence basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
SageSure targets up to $200m Gateway Re 2024-1 cat bond for reciprocals
Ford Canada transferring $923 million in pension liabilities via group annuity buyout
Ford Canada transferring $923 million in pension liabilities via group annuity buyout
Ford of Canada is transferring the longevity risk for $923 million in pension plan liabilities through a group annuity buyout. RBC Insurance, Sun Life Assurance Co. of Canada and Desjardins Group will assume responsibility for making pension payments to 2,700 of the plan’s members, who retired on or prior to June 1, 2021. [Benefits Canada]
#ART#Longevity#Pensions#Canada
·benefitscanada.com·
Ford Canada transferring $923 million in pension liabilities via group annuity buyout
NCIUA targets $250m Cape Lookout Re 2024-1 named storm cat bond
NCIUA targets $250m Cape Lookout Re 2024-1 named storm cat bond
The North Carolina Insurance Underwriting Association (NCIUA) is looking to issue at least $250 million Cape Lookout Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named North Carolina storms on an indemnity and annual aggregate basis. [Artemis]
#ART#CAT#ILS
·artemis.bm·
NCIUA targets $250m Cape Lookout Re 2024-1 named storm cat bond
Arch finalises $100m Ramble Re industry-loss cat bond with ~12% price drop
Arch finalises $100m Ramble Re industry-loss cat bond with ~12% price drop
Bermuda headquartered Arch Capital Group issued $100 million Ramble Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from significant US Northeast named storms, and US and Canadian earthquakes, on a weighted industry loss trigger per-occurrence basis. [Artemis]
#ART#ILS#CAT#Bermuda
·artemis.bm·
Arch finalises $100m Ramble Re industry-loss cat bond with ~12% price drop
Heritage seeks $100m named storm reinsurance with Citrus Re 2024-1 cat bond
Heritage seeks $100m named storm reinsurance with Citrus Re 2024-1 cat bond
U.S.-based Heritage Insurance is looking to issue at least $100 million Citrus Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will initially cover losses from named storms and hurricanes in the US states of Alabama, Florida, Georgia, Mississippi, North Carolina and South Carolina on an indemnity trigger and per-occurrence basis. The coverage area can be expanded to also include Maryland and Virginia at a future update. [Artemis]
#ART#CAT#ILS#UnitedStates
·artemis.bm·
Heritage seeks $100m named storm reinsurance with Citrus Re 2024-1 cat bond
FEMA secures $575m FloodSmart Re 2024-1 cat bond for NFIP at reduced pricing
FEMA secures $575m FloodSmart Re 2024-1 cat bond for NFIP at reduced pricing
The U.S. Federal Emergency Management Agency (FEMA) issued $575 million FloodSmart Re Ltd. (Series 2024-1) two-tranche three-year catastrophe (CAT) bonds. They will provide the National Flood Insurance Program (NFIP) with flood reinsurance protection on an indemnity and per-occurrence basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
FEMA secures $575m FloodSmart Re 2024-1 cat bond for NFIP at reduced pricing
PURE targets debut $100m Ashera Re catastrophe bond
PURE targets debut $100m Ashera Re catastrophe bond
Tokio Marine Group’s insurance specialist PURE is looking to issue at least $100 million Ashera Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms and earthquakes affecting the US and Canada on an indemnity trigger and per-occurrence basis. [Artemis]
#ART#ILS#CAT#UnitedStates
·artemis.bm·
PURE targets debut $100m Ashera Re catastrophe bond
UnipolSai tries again with €100m Azzurro Re II 2024 earthquake cat bond
UnipolSai tries again with €100m Azzurro Re II 2024 earthquake cat bond
Italian primary insurance company UnipolSai Assicurazioni is looking to issue at least €100 million Azzurro Re II DAC (Series 2024-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses related to earthquakes impacting Italy and neighbouring countries on an indemnity trigger and per-occurrence basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
UnipolSai tries again with €100m Azzurro Re II 2024 earthquake cat bond
MS&AD insurers target $175m Tomoni Re 2024 Japan multi-peril cat bond
MS&AD insurers target $175m Tomoni Re 2024 Japan multi-peril cat bond
MS&AD Insurance Group is looking to issue at least $175 million Tomoni Re Pte Ltd. (Series 2024-1) two-tranche four-year catastrophe (CAT) bonds. They will cover losses from Japanese typhoons and floods on an indemnity basis, but on a mixture of per-occurrence and aggregate bases. [Artemis]
#ART#ILS#CAT
·artemis.bm·
MS&AD insurers target $175m Tomoni Re 2024 Japan multi-peril cat bond
Verizon transfers $5.9 billion pension liabilities to Prudential and RGA
Verizon transfers $5.9 billion pension liabilities to Prudential and RGA
Verizon Communications transferred about $5.9 billion of pension liabilities to Prudential Financial and Reinsurance Group of America. The transaction covers 56,000 Verizon retirees and their beneficiaries who commenced their benefits before January 1, 2023. Prudential and RGA will each irrevocably guarantee and assume 50% of the benefit obligation to the retirees, except in certain jurisdictions where Prudential will irrevocably guarantee and assume 100% of the benefit obligation. In 2012, Prudential completed an approximately $7.5 billion transfer that covered approximately 41,000 of Verizon’s retirees. [Prudential]
#ART#Longevity#Pensions#UnitedStates
·news.prudential.com·
Verizon transfers $5.9 billion pension liabilities to Prudential and RGA
Allied Trust Insurance seeks debut $100m Sabine Re named storm cat bond
Allied Trust Insurance seeks debut $100m Sabine Re named storm cat bond
U.S.-based Allied Trust Insurance is looking to issue $100 million Sabine Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms in the states of Texas, North Carolina, South Carolina and Louisiana on an indemnity trigger and per-occurrence basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
Allied Trust Insurance seeks debut $100m Sabine Re named storm cat bond
SureChoice & Elevate secure upsized $250m Gateway Re 2024-1 cat bond
SureChoice & Elevate secure upsized $250m Gateway Re 2024-1 cat bond
SageSure issued $250 million Gateway Re Ltd. (Series 2024-1) two-tranche one-year ($150 million) and three-year ($100 million) catastrophe (CAT) bonds, versus the original target of $200 million. They will cover losses from named storms affecting the US states of Alabama, North and South Carolina, Louisiana, Mississippi, and Texas, on an indemnity trigger and per-occurrence basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
SureChoice & Elevate secure upsized $250m Gateway Re 2024-1 cat bond
Tokio Marine targets below guidance pricing for Kizuna Re quake cat bond
Tokio Marine targets below guidance pricing for Kizuna Re quake cat bond
Tokio Marine & Nichido Fire Insurance is looking to issue at least $100million Kizuna Re III Pte. Ltd. (Series 2024-1) single-tranche five-year catastrophe (CAT) bonds. They will cover losses from Japanese earthquakes on a three-year rolling aggregate and indemnity trigger basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
Tokio Marine targets below guidance pricing for Kizuna Re quake cat bond
Mexico returns seeking $360m of World Bank catastrophe bond coverage
Mexico returns seeking $360m of World Bank catastrophe bond coverage
The Government of Mexico is looking to issue, in partnership with the World Bank (IBRD), at least $360 million IBRD CAR Mexico 2024 three-tranche four-year catastrophe (CAT) bonds. They will cover losses from earthquakes and Atlantic hurricanes that impact Mexico on a parametric trigger per-occurrence basis. The size of payout will be dependent on an earthquake's magnitude or the depth of central pressure of a hurricane. [Artemis]
#ART#ILS#CAT
·artemis.bm·
Mexico returns seeking $360m of World Bank catastrophe bond coverage
American European seeks $100m Charles River Re cat bond to cover ShoreOne book
American European seeks $100m Charles River Re cat bond to cover ShoreOne book
American European Insurance is looking to issue $100 million Charles River Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms that affect the states of Massachusetts, New Jersey, New York and South Carolina, on a per-occurrence and indemnity trigger basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
American European seeks $100m Charles River Re cat bond to cover ShoreOne book
Royal London enters bulk annuity market with two deals
Royal London enters bulk annuity market with two deals
U.K.-based insurance and investment group Royal London purchased two bulk annuities worth approximately £650m to cover its own defined benefit (DB) pension scheme obligations in January 2024. Royal London has insured all benefits for the £254 million Royal Liver Assurance Limited Superannuation Fund, and approximately 20% of the £2 billion Royal London Group Pension Scheme. [Pensions Expert]
#ART#Longevity#Pensions#UnitedKingdom
·pensions-expert.com·
Royal London enters bulk annuity market with two deals
NCIUA gets Cape Lookout Re 2024-1 cat bond at upsized $450m, with low-end pricing
NCIUA gets Cape Lookout Re 2024-1 cat bond at upsized $450m, with low-end pricing
The North Carolina Insurance Underwriting Association (NCIUA) issued $450 million Cape Lookout Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds, versus the original $250 million target. They will cover losses from named North Carolina storms on an indemnity and annual aggregate basis. [Artemis]
#ART#ILS#CAT
·artemis.bm·
NCIUA gets Cape Lookout Re 2024-1 cat bond at upsized $450m, with low-end pricing
Florida Peninsula seeks debut cat bond, with $100m Palm Re issuance
Florida Peninsula seeks debut cat bond, with $100m Palm Re issuance
Florida Peninsula Insurance is looking to issue at least $100 million Palm Re Ltd. (Series 2024-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storm losses in the state of Florida, on a per-occurrence and indemnity trigger basis. [Artemis]
#ART#ILS#CAT#UnitedStates
·artemis.bm·
Florida Peninsula seeks debut cat bond, with $100m Palm Re issuance