Agfa U.K. Group Pension Plan, Reading, England, completed its second buy-in with Standard Life, covering a further £200 million ($232 million) in liabilities.
The deal, which follows a £230 million partial buy-in last year covering 70% of retiree liabilities, means the vast majority of participants in the plan are now secured by the insurer, said a news release from Standard Life.
"The partnership with Standard Life has allowed us to make extraordinary progress in our derisking strategy," Tom Clark, chairman of the trustees of the plan, said in the news release.
The trustees were advised by consultant Hymans Robertson, with legal advice provided by Squire Patton Boggs.
Spokesmen for Agfa could not immediately be reached for comment.
