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.
J.C. Penney purchased a group annuity contract to transfer about $2.8 billion in pension liabilities to complete the plan termination.
The value of U.K. risk transfer deals grew 8.5% to $76 billion in 2020, driven by an increase in longevity swaps.
Marie Curie defined benefit pension scheme completed a buyout of about $41 million with Legal & General Assurance Society.
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.
BBC Pension Scheme completed a $4 billion longevity swap with Zurich and Canada Life Reinsurance.
Northern Gas Networks Pension Scheme completed a $512 million buy-in with Legal & General Assurance Society.
U.S. corporate pension plans remain eager to transfer risk after a pause in the market resulting from the COVID-19 pandemic.
The Pension Benefit Guaranty Corp. is taking over J.C. Penney Co.'s defined benefit plan, following the company's May 15 bankruptcy filing.
BHS Senior Management Scheme completed a $3 million bulk annuity deal with Legal & General Assurance Society.
The average cost of purchasing group annuity contracts for U.S. corporate defined benefit plans was 97.7% as of June 30, Mercer data show.
The Pension Benefit Guaranty Corp. assumed responsibility for the pension plan of The McClatchy Co., following its February bankruptcy.
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.
Pension risk transfer activity may drop in 2020 due to falling bond yields and poor market returns.
Iron Ore Company of Canada purchased a $429 million group annuity buy-in contract from Sun Life Financial.
Private equity and credit firms are cracking open Britain's growing pension risk transfer market.
U.S. corporate pension plans are showing an increasing interest in plan terminations as the pension risk transfer market remains steady.
Rollins Inc. purchased a group annuity contract from AIG to transfer the remaining liabilities of its U.S. pension plan.
Smiths Industries Pension Scheme has insured $222 million in liabilities through a buy-in with Canada Life.
Lockheed Martin's pension buy-in could open the doors for more U.S. corporate pension plans to make innovative derisking decisions.
Pension risk transfers are expected to spike in 2018 in both the U.K. and U.S.