Author: Aaron Woolner

Last orders have been called for the UK pension fund of diamond specialist De Beers with a £870m ($1.1bn) full buy-in deal that will see all current pensioners and deferred members transferred to Pensions Insurance Corporation (PIC). In a 2 April news release, PIC said that 1464 current pensioners and 473 deferred members of the scheme, which is sponsored by De Beers UK, would transfer across from the pension fund. Hymans Robertson and Barnett Waddingham provided the De Beers trustees with actuarial advice on the transaction. PIC was given legal advice by CMS Cameron McKenna Nabarro Olswang (CCMNO) and the De…

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M&G has announced its third bulk purchase annuity (BPA) deal since it re-entered the UK market in September 2023. On 15th March, M&G entered into a £309m ($390m) premium BPA deal with a UK-based entity. In line with the firm’s first transactions, the identity of the ceding firm was not revealed in the deal’s announcement. In its full year results, M&G also said that it is aiming to achieve up to £1.5bn in BPA sales a year from now. M&G was formed from the demerger of M&G Prudential in 2019, with the UK insurance business becoming part of M&G. Prudential…

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RGA has inked a JPY700bn ($4.6bn) longevity focussed asset-intensive reinsurance deal with Japan Post Insurance Company. The deal will see an RGA affiliate provide coinsurance for an in-force block of Japan Post’s individual life annuities. RGA said in a release announcing the deal that it was “a first-of-its-kind coinsurance transaction in Japan.”. While asset-backed reinsurance deals in Europe and North America have been at record levels in recent years off the back of high levels of pension risk transfer activity, this trend has not been apparent in the Asia Pacific market. This is changing. In December last year, the International…

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Obesity is a killer, but nobody dies directly from being overweight. Instead, excess pounds are linked to a higher risk of getting type II diabetes, developing fatty liver, and having a stroke, while research links obesity to up to 8% of all cancer cases.  Obesity is a factor in all of the four main non-Covid causes of deaths in the UK in 2022, while diabetes itself is a risk factor for heart disease, the leading cause of mortality worldwide.   The number of overweight people is so high globally that the World Health Organisation has dubbed it an, ‘obesity epidemic’.   “There’s…

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Pension scheme consolidator Clara Pensions has signed its second superfund deal after making a £600m ($786m) agreement with the Debenhams Pension Scheme. The Debenhams Pension Scheme has been under assessment by the UK’s Pension Protection Fund (PPF) since its parent company went bankrupt in 2019. Under the superfund deal, 10,000 scheme members will be transferred to Clara Pensions. Under the terms of the transaction, £4m in back-payments will be paid to members who received reduced pensions during the PPF assessment period, when member benefits were aligned to PPF Compensation levels. The scheme trustees were advised by Vidett, the specialist administration…

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