Philips North America purchased group annuity contracts to transfer the liabilities of certain pension plan participants.
The pension risk transfer market has more than 30 insurance companies but most of the transactions are concentrated among just five insurers.
Pension risk transfer activity may drop in 2020 due to falling bond yields and poor market returns.
Lockheed Martin purchased a group annuity contract from a MetLife subsidiary to transfer $1.9 billion in pension liabilities.
Private equity and credit firms are cracking open Britain's growing pension risk transfer market.
Lockheed Martin disclosed Tuesday it purchased two group annuity contracts from insurance companies totaling $2.6 billion.
Littlewoods Pensions Scheme insured £880 million of liabilities in a buy-in transaction with Scottish Widows.
Pension risk transfers are expected to spike in 2018 in both the U.K. and U.S.