US tech firm Unisys has signed a $200m bulk purchase annuity (BPA) deal with F&G Annuities & Life, the second transaction between the two parties in the last 12 months, following on from the $250m BPA deal with F&G announced last November
The deal was signed on 28th March, transferring 3,800 retirees and beneficiaries across to F&G.
Unisys said the deal will result in a first quarter one-time, non-cash, pre-tax settlement charge of approximately $129m.
This new deal is the latest in a series of pension de-risking moves by the Pennsylvania-headquartered firm.
In 2021, Unisys agreed a $280m BPA deal with MassMutual, having previously twice bought out US pension obligations via a lump sum payment to beneficiaries.
In January, Unisys’ UK arm agreed a $380m BPA deal with Standard Life, which saw 2,400 members from two separate pension funds transfer across to the insurer.
There has been strong deal activity in the US pension risk transfer market in 2024, with Prudential Financial’s $4.9bn agreement with Shell US’s pension fund the largest deal announced so far.
