Sanofi Pension Scheme, Reading, England, insured £760 million ($1 billion) in liabilities through a buy-in with Legal & General Assurance Society, according to Mike Edwards, partner at Aon, adviser on the deal.
The buy-in, which is the £3 billion plan's first risk transfer transaction, insured the liabilities of 2,900 retirees, which represents around 25% of all liabilities.
"This was the first long-term pensioner buy-in completed by the scheme and the main motivation for the transaction was risk reduction, particularly longevity risk," Mr. Edwards said in an emailed comment.
