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Avon Cosmetics has completed a £235 million buy-in deal with M&G to secure its defined benefit pension scheme, covering benefits for over 3,000 members of the Avon Cosmetics Pension Plan. The transaction includes support for a complex benefit structure while preserving all member options. [Pensions Expert]

Lumen Re is looking to issue at least $125 million Photon Re Ltd. (Series 2026-1) two-tranche four-year catastrophe (CAT) bonds. 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]

Plymouth Rock is looking to issue at least $100 million Tremont Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. They will cover losses from named storms affecting Massachusetts and Connecticut on indemnity and per-occurrence basis. [Source: Artemis.bm]

The Argent Group Europe Pension Scheme completed a £16 million full-scheme buy-in with Just Group in November 2025, securing benefits for 215 members (170 pensioners and 45 deferred members). [Source: PensionsAge]

Deloitte has completed a £700 million buy-in of its defined benefit pension scheme with Standard Life, covering all pensioners and deferred members, with an ambitious target to achieve full buyout by April 2026. The deal includes Standard Life taking on the complex task of GMP (guaranteed minimum pension) equalization, removing a key operational barrier to the tight timeline. [Source: Pensions Expert]

The British Board of Agrément (BBA) has secured a £20 million buy-in deal with Aviva for its defined benefit pension scheme, covering all 121 members (39 deferred and 82 pensioners). The transaction involved complex considerations including an ongoing salary link for some members and non-standard pension increases, but favorable market conditions, employer contributions, and careful planning enabled the deal to proceed much earlier than anticipated. Aviva and Broadstone (an advisor on the transaction) are now working on a data cleanse ahead of a full buyout for the scheme. [Source: Pensions Expert]

Pension Insurance Corporation (PIC) has completed a £55 million buy-in transaction with the Bibby Line Group Ltd Pension Scheme, securing benefits for 667 members. The transaction proceeded quickly due to prior data cleansing work, with the scheme's trustee praising PIC's speed, customer service focus, and flexible approach. [Source: Pensions Expert]

The Harwich Haven Authority Pension Fund completed a £45 million full buy-in with Royal London in November 2025, securing benefits for 170 members including 125 pensioners and dependants and 45 deferred members. The Essex-based fund worked with LCP as its risk transfer adviser, who facilitated the transaction through their streamlined buy-in service designed for smaller schemes. [Source: PensionsAge]

SageSure is looking to issue at least $175 million 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]

Swiss Re will issue $150 million Matterhorn Re Ltd. (Series 2026-1) three-tranche three-year catastrophe (CAT) bonds, versus the original $125 million target. They will cover losses from US and Canadian named storms and earthquakes, although with differences to the coverage areas and structures. [Source: Artemis.bm]

SageSure will issue $670 million Gateway Re Ltd. (Series 2026-1) five-tranche three-year catastrophe (CAT) bonds, versus the original $765 million target. All of the tranches will cover losses from named storms in the states of Alabama, Florida, Louisiana, Mississippi, New York, North Carolina, South Carolina, and Texas, but three also cover California. Furthermore, two of the tranches also cover earthquakes, severe thunderstorms, winter storms and wildfires, in addition to named storms. All tranches provide coverage on an indemnity per-occurrence basis, although a section of one of them provides aggregate third-event coverage. [Source: Artemis.bm]

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

Slide Insurance Company is looking to issue at least $250 million Purple Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. 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]

Just Group has completed a £16 million buy-in transaction for the defined benefit pension scheme of Royal Star & Garter, a military veterans' charity that operates care homes for veterans with disabilities or dementia. The deal, finalized in November, secures the benefits of 186 pensioners and 65 deferred members. The transaction utilized streamlined buy-in processes that allowed the scheme to obtain multiple insurer quotes. [Source: Pensions Expert]

American Integrity Insurance Company is looking to issue at least $175 million Integrity Re III Ltd. (Series 2026-1) four-tranche three-year catastrophe (CAT) bonds. 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]

GeoVera Nova insurance entities will issue $350 million Veraison Re Ltd. (Series 2026-1) two-tranche three-year catastrophe (CAT) bonds. They will cover losses from U.S. earthquakes on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]

According to Hymans Robertson 2025 total risk transfer volume was just under £58 billion (£39 billion of buy-ins and buy-outs + £19 billion longevity swaps), just shy of 2023's record high £59 billion (£49 billion buy-ins + £10 billion). Nearly 140 buy-ins under £100 million were completed—the second-highest count ever—demonstrating how streamlined processes from both established and newer insurers (Royal London, Utmost, and Blumont's market entry) successfully expanded access for smaller schemes. Insurer pricing remained attractive throughout 2025 despite credit spreads approaching historic lows, largely because insurers pivoted toward gilt-based investment strategies that capitalized on unprecedented gilt-swap spreads at longer durations driven by fiscal uncertainty and supply/demand dynamics. Major transactions included £4.6 billion Ford Motor Company (Legal & General (L&G)), £4.3 billion Rolls-Royce (Pension Insurance Corporation (PIC)), and £1.9 billion MMC UK Sedgewick Section (Standard Life). The Prudential Regulation Authority (PRA) conducted its first bulk annuity-focused stress tests, with results demonstrating sector resilience—all insurers retained capital above regulatory requirements under severe scenarios including exploratory stresses on asset concentration and funded reinsurance. Member experience emerged as a critical differentiator in insurer selection as schemes increasingly pursued whole-scheme buy-ins rather than pensioner-only transactions. Alternative risk transfer gained credibility with Clara's "connected covenant" transaction for Church Mission Society, showing superfunds can serve well-funded schemes with strong sponsors. Market consolidation accelerated with announced acquisitions of PIC by Athora and Just by Brookfield Wealth Solutions, alongside L&G's partnership with Blackstone, signaling increased global interest in UK bulk annuities. [Source: Hymans Robertson]

U.S.-based Lockheed Martin purchased group annuity contracts from an undisclosed number of insurance companies to transfer $943 million in pension plan liabilities and related plan assets, requiring recognition of a noncash, non-operating pretax settlement charge in earnings of $479 million. The company indicates it expects to continue evaluating such transactions in the future, though it notes that depending on their size, future transactions could require additional contributions to the pension trust and/or result in noncash settlement charges that would be recognized in earnings in the applicable reporting period. [Source: Lockheed Martin 10-K]

U.S.-based Weyerhaeuser purchased a group annuity contract from an insurance company to transfer $455 million in U.S. pension plan liabilities. The contract purchase was funded from $440 million of U.S. pension plan assets. As a result of the transaction, fourth quarter special items include a non-cash after-tax settlement charge of $111 million. In conjunction with the transaction, the company made a $200 million voluntary cash contribution to the plan. This transaction is the latest in a series of actions taken to reduce the company’s pension plan obligations. Since beginning these efforts in 2018, Weyerhaeuser’s pension obligations have decreased from $6.8 billion to $1.9 billion as of December 31, 2025. [Source: Weyerhaeuser 8-K]

MGIC Investment Corporation issued $323.5 million Home Re 2026-1 Ltd. five-tranche ten-year catastrophe (CAT) bond-style mortgage insurance-linked securities. They will cover losses the ceding insurer pays to settle claims on the underlying mortgage insurance policies. [Source: Artemis.bm]

Integral ILS Ltd. will issue $275 million Windrose Re Ltd. (Series 2026-1) three-tranche three-year catastrophe (CAT) bonds, versus the original $200 million target. They will cover industry losses from named storms across US northeast states, on a state-weighted industry-loss index triggered per occurrence basis. [Source: Artemis.bm]

Finnair has secured a £4 million bulk annuity with Aviva for its UK defined benefit pension scheme, covering all 20 members of the Finnair Oyj Retirement Benefit Scheme. The transaction, completed in October as a buy-in and converted to a buyout in under two months, represents the fastest such conversion completed by broker Broadstone. The deal utilized Aviva's Clarity service for small schemes, with success attributed to excellent data quality, thorough preparation, and the streamlined processes designed for smaller pension schemes—a growing trend in the bulk annuity market where sub-£100m transactions now account for over 85% of all deals.

Hannover Re issued $75 million Seaside Re seven-tranche one-year catastrophe (CAT) bonds through its Bermuda-domiciled transformer vehicle Kaith Re Ltd.. They will cover U.S. property catastrophe risks. [Source: Artemis.bm]

Aviva completed five full buy-ins for small defined benefit pension schemes in summer 2025, working with Broadstone on a pilot program targeting schemes with premiums below £10m. The transactions insured 177 members across five schemes with total premiums of £21.7m, ranging from £3.4m to £5.3m each. The pilot combined Broadstone's SM&RT Insure process with Aviva's Clarity proposition to test approaches for very small schemes, with each scheme receiving guaranteed quotations within affordability parameters. Industry participants noted that while insurer market access remains challenging for very small schemes, the transactions demonstrated efficient processes and strong outcomes, with Aviva signaling its intention to increase activity in this under-£10m premium segment of the market. [Source: PensionsAge]

Dr Martens Airwair Group Pension Plan has completed a £37.5 million buy-in transaction with Pension Insurance Corporation (PIC), securing retirement benefits for 455 members. [Source: PensionsAge]

Legal & General (L&G) has completed a full buy-out of the Pensions Management Institute's (PMI) retirement and death benefits scheme. The scheme initially entered into an insurance policy with L&G in March 2024 to secure members' benefits, followed by a buy-in and data cleanse process to ensure smooth transition. Members have now received their individual annuity policies from L&G, and the scheme has been wound up, with L&G taking over all administration and benefit payments. [Source: Corporate Advisor]

Oxford Instruments has secured a £213 million buy-in deal with Royal London to insure its defined benefit pension scheme, covering benefits for over 1,600 members. This marks Royal London's second-largest transaction after a £275 million deal with Grant Thornton last year. Royal London's mutual status was cited as a key factor in winning the competitive process. [Source: Pensions Expert]

A UK pension scheme belonging to a major Japanese bank has completed a £24 million full buy-in with Just Group, securing benefits for approximately 160 members. The transaction, advised by LCP under their streamlined service for smaller schemes, marks the 118th deal completed through this service, bringing total premiums to over £5 billion. This deal reflects the broader trend in the bulk purchase annuity market, where smaller schemes (under £100m) accounted for more than 85% of all transactions in the first half of 2025, contributing to a record-breaking year with an estimated 350+ total transactions. [Source: PensionsAge]

The Siemens Healthineers UK Benefits Scheme has completed a £213 million buy-in transaction with Pension Insurance Corporation (PIC), securing benefits for 703 pensioners and 967 deferred members and dependents. The deal was notable for preserving existing member options at retirement, which was a key selection criterion for the scheme trustees. [Source: PensionsAge]