Telent, Warwick, England, insured £4.7 billion ($5.8 billion) in liabilities in a full buyout deal with Rothesay Life, according to Martin Bird, senior partner and head of risk settlement at Aon, adviser on the deal.
In its first risk transfer deal, the U.K. telecommunications company insured the benefits of 39,000 members of the GEC 1972 Plan. The buyout is expected to be completed before the end of 2022.
"Over five years ago the Trustee decided that the best way to provide maximum security for our members in the long term would be to achieve buyout," said Brian Duffin, chairman of the trustee board to the GEC 1972 Plan, in a news release. "(We) are now close to achieving our target."