Maersk Retirement Benefit Scheme, Ware, England, insured £1.1 billion ($1.5 billion) in liabilities through a full plan buy-in with Legal & General Assurance Society, said a spokeswoman at Willis Towers Watson, adviser on the deal.
In its first buy-in deal, the £1.1 billion plan for shipping company Maersk secured the benefits of around 1,900 participants that are yet to retire and 3,000 retirees.
Law firm Travers Smith also advised the trustees.
"After many years of careful management and derisking we have now secured our members' benefits through a buy-in with Legal & General. We were impressed with the flexibility and professionalism shown by Legal & General, alongside our advisers, to complete the transaction at a challenging time," Nigel Pusey, chairman of the trustees, said in a news release Wednesday.
"We are very happy to have formed this partnership with Legal & General, which is an important next step in the scheme's derisking journey and improves the security of benefits for all members," Mr. Pusey added.