Author: LMI Newsdesk
Canadian softwood lumber GreenFirst Forest purchases group annuity contract that transfers C$26.5m of defined benefit pension obligations to a Canadian insurer.
Dutkiewicz joins WTW from Aon, where he served as Global Head of Life for its Reinsurance Solutions business.
Charities Aid Foundation Pension Scheme insures pensioner liabilities via a bulk purchase annuity transaction with Just Group.
Seattle-based Sound Retirement Trust and Prudential have completed a $221m group annuity transaction, insuring the retirement benefits of 8,700 retirees.
US life insurance application activity saw declines in August 2024 compared to August 2023, with year-over-year (YOY) activity down -5.0%, according to the latest MIB Life Index. August 2024 saw YOY growth in Term Life (up +6.0%), flat activity in Whole Life (+0.9%), and double-digit declines in Universal Life (down -34.3%). Term Life saw YOY growth for ages 0-50, flat activity for ages 51-70, and double-dight declines for ages 71+. Whole Life saw growth for ages 61+, in the double digits for ages 71+, flat activity for ages 0-30, and declines for ages 31-60. Universal Life saw double-digit declines for…
New research from Legal and General analyses transaction activity in the UK and US pension risk transfer market in 2024 so far.
The Coats UK Pension Scheme has completed a £1.3bn bulk purchase annuity buy-in deal with Pension Insurance Corporation covering the pensions of 18,042 scheme members.
Institutional investment consultant Cambridge Associates is acquiring SIGLO Capital Advisors, a Zurich-based alternative investment specialist.
Kunal Sood, Standard Life Managing Director of Defined Benefit Solutions at UK insurer Standard Life, expects that more than £40bn worth of bulk purchase annuity deals will be completed before the end of 2024, according to a press release issued by the firm. “While the market has been a little quieter so far in 2024, a strong pipeline heading into the rest of the year should mean a strong finish. In light of strong funding levels and attractive insurance pricing, DB pension schemes are increasingly looking for ways to de-risk their liabilities and secure their members’ benefits, with BPA remaining…
Milliman’s latest Milliman Pension Buyout Index (MPBI) shows that during July, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased more than two percentage points, from 100.3% of a plan’s accounting liabilities (accumulated benefit obligation) to 102.5% of those liabilities. That means the estimated retiree PRT cost is now 102.5% of a plan’s ABO. During the same time period, the average annuity purchase cost across all insurers in our index also increased, from 103.3% to 104.9%. The competitive bidding process is estimated to save plan sponsors about 2.4% of PRT costs as…