Author: Caitlynn Greenfield Justin Bevan and Stan Roberts

The US pension risk transfer (PRT) market continues to grow. With around $45 billion of transactions, 2023 was the second busiest year on record for PRT deals, and that pace was sustained during the first quarter of 2024.1 However, as employers have been eager to transfer pension plan liabilities to the insurance sector, most of the simple deals have been done; insurers that want to continue in this market will need to get comfortable with more complex transactions. Facing market uncertainties Many of the deals so far have been for plans that only feature retirees. These have been relatively straightforward to price.…