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PIC signs £5.8 billion of new business in h12019

PIC publishes on its website:

“Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension funds, has concluded £5.8 billion of buyouts and buy-ins with the trustees of defined benefit pension schemes and reinsured £7 billion of longevity reinsurance so far in 2019, including the reinsurance of almost £1.5 billion of deferred (non-pensioner) lives. This is the first time such a significant amount of deferred lives has been reinsured in any one period and signals increased capacity for this type of risk within the reinsurance market.

In 2019, PIC has concluded transactions with pension schemes including those of Marks & Spencer, Dresdner and Co-op, as well as concluding £3.3 billion of new business with a series of unnamed pension schemes.”

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