ICL Group Pension Plan insured $5.1 billion in liabilities through a longevity swap.
Consultants anticipate that 2021 will be another strong year when it comes to U.K. companies offloading pension risk.
The value of U.K. risk transfer deals grew 8.5% to $76 billion in 2020, driven by an increase in longevity swaps.
Pension funds transferred $14.5 billion in liabilities through deals announced in December.
Maersk Retirement Benefit Scheme insured $1.5 billion in liabilities with Legal & General Assurance Society.
UBS U.K. Pension and Life Assurance Scheme insured $1.7 billion in liabilities through a longevity swap with Zurich Assurance.
Willis Pension Scheme insured $1.2 billion in liabilities through a longevity swap with Munich Re.
Co-operative Pension Scheme, Manchester, England, insured $490 million in liabilities through a buy-in with Pension Insurance Corp.
Smiths Industries Pension Scheme has insured $222 million in liabilities through a buy-in with Canada Life.