US defence shipbuilding firm Huntington Ingalls Industries (HII) has offloaded $411m of pension liabilities to an unknown insurer via a group annuity contract.
The largest military shipbuilder in the US announced the move via a statutory 10k filing with the Securities and Exchange Commission at the start of February.
Details on the filing said that HII had transferred the payment of roughly 10,000 retirees and their beneficiaries via the deal.
The deal was agreed on 3 November 2023.
This the latest pension derisking by HII. In November 2022 the firm bought a number of group annuity contracts which saw about 500 retirees and beneficiaries benefits switch to an unnamed insurer.
HII’s 10k filing said that the firm may purchase more group annuity contracts at a future date.
There have been a number of risk transfer deals in the UK market so far in 2024, including Resolution signing a $2.5bn in-payment annuity deal with an unnamed insurer. However, public activity in the US market has been slight.
