Syensquo SA, Brussels, Belgium, purchased group annuity contracts to transfer about $425 million in U.S. and Canadian pension plan liabilities to Pacific Life Insurance Co. and RBC Insurance, a spokeswoman confirmed.
Pacific Life will take on the responsibility of paying benefits to retirees and beneficiaries in the U.S. plan, the Solvay & Cytec Cos. Pension Plan, in December, and RBC Insurance will take on the responsibility of paying benefits to retirees and beneficiaries in the Cytec Canada Inc. Pension Plan in January 2025.
As of Dec. 31, the Solvay & Cytec Cos. Pension Plan had $790 million in assets and the Cytec Canada Inc. Pension Plan had C$30 million ($22 million), the spokeswoman said.
The spokeswoman did not disclose how much from each plan is being transferred to the insurers.
Syensquo was the specialty unit of chemical company Solvay and was spun off in December. Solvay had purchased Woodland, N.J.-based chemicals and materials technology company Cytec Industries Inc. in 2015.
