Author: LMI Newsdesk
Abacus Life is acquiring Carlisle Management Company SCA, a Luxembourg-based investment manager in the life settlement space, for approximately $200m. Carlisle has approximately $2 bn in assets under management and is licensed as an Alternative Investment Fund Manager under the oversight of the Commission de Surveillance du Secteur Financier in Luxembourg. “We are excited to be joining the industry-leading team at Abacus. The transaction will provide a myriad of potential opportunities and synergies that will be available to our funds, shareholders, and our employees,” said Carlisle Management’s Chief Executive Officer Jose Garcia. “Our company cultures are a perfect fit, and…
Independent bulk annuity and consolidator advisory business K3 Advisory today said there are potentially hundreds of small pension schemes unaware they are within ‘cheque-writing distance’ of being able to afford to buyout their scheme liabilities and urged trustees to take action. According to data from the Pension Protection Fund’s 2023 Purple Book, 26% of schemes with fewer than 99 members are estimated to be between 75% and 100% funded on a buyout basis (487 schemes). “These figures are unlike anything we have seen before in terms of funding positions for small pension schemes – and it provides an opportunity that…
Independent bulk annuity and consolidator advisory business K3 Advisory today said there are potentially hundreds of small pension schemes unaware they are within ‘cheque-writing distance’ of being able to afford to buyout their scheme liabilities and urged trustees to take action. According to data from the Pension Protection Fund’s 2023 Purple Book, 26% of schemes with fewer than 99 members are estimated to be between 75% and 100% funded on a buyout basis (487 schemes). “These figures are unlike anything we have seen before in terms of funding positions for small pension schemes – and it provides an opportunity that…
Life insurance application growth in the US ended the first half of the year essentially flat, registering an uptick of just +0.6% year to date, according to the latest MIB Life Index report. Activity in June specifically fell -6.4% year on year but delivered growth for all face amounts over $500,000. Ages 51-60 saw double-digit growth for amounts over $250,000, ages 61-70 saw growth for all face amounts – in the double digits for amounts over $250,000 up to and including $1m and amounts over $2.5m up to and including $5m. Ages 71+ saw double-digit growth for all face amounts.…
UK regulator the Bank of England’s Prudential Regulation Authority (PRA) has published ‘Approach to LIST [life insurance stress test] 2025’, the organisation’s precursor to its planned stress testing of UK life insurers in 2025. The PRA’s 2025 life insurance stress test has three objectives: to assess sector and individual firm resilience to severe but plausible events; to strengthen market understanding and discipline through individual firm publication; and to improve insight into risk management vulnerabilities. It will apply to UK life insurers active in the bulk purchase annuity market with the largest annuity portfolios and will be run under the new…
Life settlement provider Lighthouse Life’s parent company, LHL Strategies, Inc., has completed the acquisition of select assets from Harbor Life Settlements, an SEO lead generation business in the life settlement market. The assets that LHL is taking on include Harbor Life’s websites, data and technology. “Acquiring Harbor Life’s assets, including their go-to-market consumer brand and all underlying intellectual property, enhances Lighthouse Life’s lead generation capabilities,” said Michael Freedman, CEO of Lighthouse Life. “Our continued growth and strategic plans place the company as a true and trusted market-maker for longevity-risk asset funds and managers, employing multiple brands for lead generation and…
The trustee of the TotalEnergies UK Pension Plan has concluded a second buy-in with PIC, a specialist insurer of defined benefit pension schemes, for £1.2bn. The transaction is the largest completed buy-in announced to date this year. It follows the plan’s first buy-in with PIC for £1.6bn in 2014; PIC has now insured all £2.8bn of the plan’s defined benefit liabilities. The latest buy-in secures the pensions of over 2,000 pensioners and dependants and 3,500 deferred policyholders. “Securing the benefits for our members has been the aim of the trustee for many years. We are pleased to have reached this…
Transaction covers a 200 billion KRW in-force block of life policies.
NSK, a global manufacturer of bearings, automotive and precision machinery products, has completed a £309m bulk purchase annuity transaction for around 3,700 pensioner and deferred members of the NSK Pension Scheme with M&G. The insuring entity is The Prudential Assurance Company Limited, M&G’s wholly-owned subsidiary offering life and pensions solutions. The deal is the third buy-in transaction completed by M&G since re-entering the bulk annuity market in September 2023, with total new business written by the firm now at approximately £930m. “This transaction sees us take on the future pension obligations of the 3,700 pensioner and deferred members of NSK’s…
Just Group has completed a £260m buy-in for the Menzies Pension Fund, which is sponsored by John Menzies Limited. The scheme completed a previous, pensioner-only buy-in in 2018. The transaction was completed in March this year and secures the benefits of more than 3,000 members, including almost 1,400 pensioners and more than 1,650 deferred members. The transaction included dovetailing the process with a secondary market sale of an illiquid asset and deferral of premium to enable the buy-in shortfall to be met by a continuation of the existing schedule of contributions. “This was a collaborative process to achieve a positive…