Association of British Insurers Pension & Assurance Scheme, London, insured £26 million ($36 million) in liabilities through a buy-in with Aviva, confirmed a spokesman at Mercer, adviser on the deal.
Aviva will insure the liabilities linked to 191 retired plan participants. The size of the plan and the value of liabilities covered by the deal were not available.
"We worked closely with the ABI and Mercer over the last 12 months to plan, and then take, this important step on our journey to further reduce the Scheme's risks," Philip Exact, chairman of the Association of British Insurers Pension & Assurance Scheme's trustees, said in a news release. Aviva was selected after a competitive tender process, he said.
Law firm Shepherd and Wedderburn provided legal advice to the trustees.
The transaction follows a £10 million buy-in with Aviva in 2017.
