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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]

Aetna will issue $250 million Vitality Re XVII Ltd (Series 2026) three-tranche four-year catastrophe (CAT) bonds. They will cover losses from medical benefit payouts on a kind of annual aggregate indemnity reinsurance basis, but with the trigger based on an index linked to Aetna’s reported medical benefit claims ratio for the covered health insurance business. [Source: Artemis.bm]

Allstate is looking to 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 at least $500 million across the two issuances. Two of the tranches will provide four years of coverage, the others providing 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]

SafePoint Insurance Company is looking to issue at least $150 million Nature Coast Re Ltd. (Series 2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from named storms across the states of Florida, Louisiana, Alabama, Mississippi, and Texas on an indemnity and per-occurrence trigger basison. [Source: Artemis.bm]

Fidelis Insurance will issue the targeted $75 million Herbie Re Ltd. (Series 2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from earthquakes affecting the United States and District of Columbia on an annual aggregate, industry-loss triggered basis. [Source: Artemis.bm]

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

In the United States, plaintiffs have challenged plan sponsors' decisions to transfer pension liabilities to insurance companies. Since early 2024, 13 class action lawsuits have been filed against 10 plan sponsors, but these cases are largely failing at the motion to dismiss stage. And on January 8, 2026, a New York district court dismissed all claims in Dempsy v. Verizon, ruling that plaintiffs lacked constitutional standing because they suffered no actual injury—their benefits remained unchanged regardless of the pension risk transfer (PRT). The court also rejected fiduciary breach and prohibited transaction claims, noting that Employee Retirement Income Security Act (ERISA) requires a prudent process, not a specific outcome, and that multiple insurers can qualify as "safest available" under Department of Labor (DOL) guidelines. The DOL reinforced this position in a January 9, 2026 amicus brief supporting defendants in Konya v. Lockheed Martin, warning that allowing such claims could discourage companies from offering pension plans altogether. [Source: Lexology]

Pension Insurance Corporation (PIC) completed a £213 million buy-in deal with the Siemens Healthineers defined benefit pension scheme, covering 703 pensioners and 967 deferred members and dependants. A key feature of the transaction was PIC's ability to preserve bespoke retirement options for scheme members, which the trustees identified as a critical selection criterion. The deal represents PIC's second buy-in announcement of 2025, following a £155 million transaction with NG Bailey the previous week. [Source: Pensions Expert]

MGIC Investment Corporation is looking to issue $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]

Brittany Ferries has secured its defined benefit pension scheme through a £35 million buy-in transaction with Just Group, insuring the benefits of 444 members. The deal was completed in November 2025 without requiring additional contributions. [Source: Pensions Expert]

SageSure is looking to issue $765 million Gateway Re Ltd. (Series 2026-1) five-tranche three-year catastrophe (CAT) bonds. 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]

GC Securities is making sidecars a major focus for 2026 as the market reaches record highs of $19.6 billion in invested capital. The firm sees opportunities in expanding sidecar structures beyond traditional catastrophe risk into casualty lines, multiline portfolios, and whole account coverage. However, executives Cory Anger and Shiv Kumar identify a key challenge: securing adequate aggregate capacity for secondary perils like tornadoes, hail, and wildfires, which have become increasingly frequent and costly, making investors hesitant to participate in these structures. The firm is also focusing on serving the growing MGA/MGU sector through collateralized quota share transactions and expects these capital-light entities to become significant users of ILS capacity going forward. [Source: Artemis.bm]

Integral ILS Ltd. is looking to issue at least $200 million Windrose Re Ltd. (Series 2026-1) three-tranche three-year catastrophe (CAT) bonds. 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]

NG Bailey, the UK's largest independent engineering and infrastructure services provider, has completed a £155m buy-in deal with Pension Insurance Corporation for its defined benefit pension scheme, which now has all its assets secured through buy-ins. The transaction, which involved multiple advisers including XPS, EY, and several law firms, was notable for the insurer's competitive customer service approach. The deal reflects a broader trend in the bulk annuity market where trustee boards are increasingly prioritizing non-price factors like customer service and efficient buyout processes, with insurers investing in technology to improve member experience. LCP forecasts the bulk annuity market will reach a record £55bn in new business during 2026, though there's a growing backlog of buy-in transactions awaiting conversion to full buyout. [Source: Pensions Expert]

Ark Insurance Holdings has renewed its Outrigger Re reinsurance sidecar for 2026 at a significantly reduced size of $70 million, down from $230 million in 2025. The reduction is attributed to Ark's increased use of traditional quota share reinsurance rather than collateralized structures. Notably, the entire $70 million in capital for 2026 comes from third-party investors, with White Mountains—previously a major investor providing $150 million in 2025—not participating this year, which may limit future visibility into the sidecar's performance. [Source: Artemis.bm]

QBE Re, the reinsurance division of QBE Group, has launched its first casualty reinsurance sidecar called George Street Re, securing over $550 million in fully collateralized quota share reinsurance from institutional investors Culpeper Capital Partners and Calidris Investment Partners. This marks QBE's debut in the sidecar market and adds to the growing casualty segment of insurance-linked securities, which has reached $1.7 billion in total capital deployed. The transaction enhances QBE Re's capital flexibility and provides additional capacity for its core clients, while specialty reinsurer Compre is involved to offer exit optionality and liquidity for investors through forward exit mechanisms. [Source: Artemis.bm]

Aetna is looking to issue at least $250 million Vitality Re XVII Ltd (Series 2026) three-tranche four-year catastrophe (CAT) bonds. They will cover losses from medical benefit payouts on a kind of annual aggregate indemnity reinsurance basis, but with the trigger based on an index linked to Aetna’s reported medical benefit claims ratio for the covered health insurance business. [Source: Artemis.bm]

MS Amlin has expanded its Phoenix Re securitized sidecar vehicle to $115 million for the 2026 underwriting year, marking its sixth consecutive year of using this insurance-linked securities strategy and surpassing $100 million for the first time. The expansion includes a new $24.5 million tranche of Class E notes issued through Phoenix 2 Re Pte. Ltd., a Singapore-based special purpose reinsurance vehicle. The sidecar provides investors access to diversified Asian catastrophe risks across approximately 200 high-attaching reinsurance policies covering around 20 regional perils in APAC and MENA, and has delivered average annualized returns of 9% while responding to events like the Myanmar-Thailand earthquake. MS Amlin plans to continue broadening its Phoenix Re offerings as the Asian ILS market expands. [Source: Artemis.bm]

The reinsurance sidecar market has reached a record $19.6 billion in invested capital as of September 30, 2025, according to Aon Securities, representing significant growth from $17 billion in mid-2025 and $10 billion in mid-2024. Property reinsurance sidecars account for $17.9 billion of this total, while the emerging casualty sidecar segment has grown to $1.7 billion. This expansion is driven by strong investor interest in accessing insurance risk and sponsors seeking fee income, with notable diversification into longer-tailed casualty risks, MGA business, and legacy transactions. Aon expects continued growth in 2026 as both investors and reinsurers find value in these structures, particularly given elevated property rates and opportunities to invest premium float in attractive assets like private credit. [Source: Artemis.bm]

TD Insurance will issue C$115 million MMIFS Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds, versus the original C$125 million target. They will cover losses from named storms, earthquakes, severe convective storms (SCS), winter storms and wildfires in Canada on an annual aggregate indemnity triggered basis. [Source: Artemis.bm]

The catastrophe bond market achieved record-breaking performance in 2025, with annual issuance surging 45% year-over-year to $25.6 billion—the first time it exceeded $20 billion. The fourth quarter alone saw over $7 billion in new issuance, making it the fifth-largest quarter ever, driven primarily by Rule 144A property cat bonds totaling $23.9 billion for the full year. This robust activity pushed the total outstanding cat bond market to a record $61.3 billion by year-end, representing 24% growth, while 15 new sponsors entered the market—another annual record—as insurers and reinsurers increasingly turn to capital markets for their reinsurance needs. [Source: Artemis.bm)

Thailand's General Insurance Association (TGIA) is working to establish a permanent Natural Catastrophe Fund by mid-2026, with full implementation expected in 2027, to address the country's increasing vulnerability to natural disasters. The fund will start with 50 billion baht (approximately $1.60 billion) and be financed through three main sources: catastrophe bonds, insurance premiums, and reinsurance, with government support through short-term bond issuances. This initiative comes as Thailand transitions from a low-risk to high-risk disaster zone, evidenced by recent events like the Hat Yai floods in November 2025 that generated $505 million in insured losses. [Source: Artemis.bm]

Fidelis Insurance is looking to issue at least $75 million Herbie Re Ltd. (Series 2026-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from earthquakes affecting the United States and District of Columbia on an annual aggregate, industry-loss triggered basis. [Source: Artemis.bm]

An unnamed U.K. healthcare pension scheme has completed a £189 million buy-in deal with Canada Life, securing benefits for over 1,700 members including both deferred and current pensioners. The deal includes enhanced benefits for deferred members still employed by the sponsor and allows the trustee to adjust insured benefits for those who leave before a future buyout. [Source: Artemis.bm]

U.S.-based Cincinnati Insurance Companies will issue $150 million Skyline Re II Ltd. (Series 2025-1) single-tranche four-year catastrophe (CAT) bonds. They will cover losses from U.S. named storms, earthquakes, severe weather and fires on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]

MS Amlin issued $24.5 million participating 12-year notes through its Singapore-based Phoenix 2 Re Pte. Ltd. sidecar vehicle for the 2026 underwriting year. The Phoenix Re platform provides investors access to MS Amlin's diverse portfolio of natural catastrophe risks across Asia-Pacific and MENA regions, functioning similarly to catastrophe bonds, and has grown from $42.14 million in its inaugural 2021 deal to $90 million in total protection for 2025, with additional tranches potentially forthcoming for 2026 given rising investor appetite for Asian catastrophe risk exposure. [Source: Artemis.bm]

Australia-based QBE Insurance Group will issue $400 million Bridge Street Re Ltd. (Series 2025-2) single-tranche three-year catastrophe (CAT) bonds, versus the original $300 million target. They will cover losses from named storms and earthquakes in the U.S., as well as earthquakes in Australia and New Zealand on a per-occurrence and indemnity trigger basis. [Source: Artemis.bm]

Three MGU SageSure insurers will issue $200 million Meritage Re Ltd. (Series 2026-1) single-tranche three-year catastrophe (CAT) bonds. The three ceding insurers, overseen by GeoVera Nova, are GeoVera Insurance Company, GeoVera Specialty Insurance Services, and SafePort Insurance Company. The bonds will cover losses from U.S. named storms on an indemnity trigger and per-occurrence basis. [Source: Artemis.bm]