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The BP Pension Fund has completed a £1.6bn bulk purchase annuity buy-in transaction with Legal & General. The deal was the first pension risk transfer transaction for the c.£18bn fund; L&G provided a gilt-based price lock using the fund’s gilt holdings to ensure price certainty.
Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, will assume responsibility for pension benefits for approximately 3,150 retirees and beneficiaries.
Athene will reinsure an in-force block of US dollar denominated whole life insurance policies and will enter into an agreement with reinsurer Swiss Re to retrocede all mortality risk associated with the block.
This latest buy-in covers 758 members and marks the first transaction completed with Quantum Advisory.
Total US pension risk transfer new premium fell 64% in the second quarter of 2025 to $4.1bn, according to LIMRA’s U.S. Group Annuity Risk Transfer Sales Survey.
Transaction volumes of £9.8bn in the first six months of 2025 are the lowest first half volumes seen in the UK’s pension risk transfer market for four years.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
HSCM Bermuda Closes Secondaries Fund to Acquire Life Insurance-Linked Securities Portfolio: HS Sawmill LP closes with $110m of capital commitments.
The transaction secures the benefits of more than 1,900 members and was finalised in August this year.
In total, the £105m buy-in protects the pensions of 1,341 members across both Schemes.