APi Group secures $1.4 billion in pension liabilities

APi Group, Manchester, insured £1.1 billion ($1.4 billion) in liabilities for two of its pension funds — Chubb Pension Plan and Chubb Security Pension Fund — through full buy-ins with Standard Life, confirmed Simon Bramwell, partner at consultant Barnett Waddingham and adviser on the deal.

The transactions, which were the first pension risk transfer deals for both plans, covered 14,000 plan participants.

Chubb Pension Plan insured £500 million in liabilities, and Chubb Pension Security Fund insured £550 million in liabilities.

Each pension fund has a small amount of assets left to meet future expenses, Mr. Bramwell said in an email.

Consultant Barnett Waddingham was lead actuarial and investment adviser, while legal advice was provided to trustees by law firm CMS.

"We are very proud to have advised the trustees on these sizable and complex buy-ins. This could not have been achieved without the significant amount of preparatory work carried out by the trustees and the efforts of all parties working closely together to get the best result for both schemes," Mr. Bramwell said in a news release.

Brian McGowan, chairman of trustees, said in the news release: "We are delighted to have partnered with Standard Life to provide long-term security and financial certainty for all members."

"The various teams worked together extremely well to secure this complicated deal," Mr. McGowan added.