Pensions
Broad PRT Market Growth Continued in 2024
LIMRA reported single-premium pension risk transfer sales hit $51.8 billion last year.
Tag: PRT
Corporate Moves
Legal & General to Sell 20% Stake in PRT Business to Meiji Yasuda
In addition to the pension risk transfer stake, the Japanese insurer will acquire all of L&G’s U.S. protection business in a total $2.3 billion deal.
Pensions
Clarks Footwear, Pension Insurance Corp. Complete $677M Annuity Buy-In
The pension risk transfer will cover 8,000 beneficiaries and could set the stage for a record-setting year in transaction volume.
Pensions
Wates Group Pension to Transfer 1,500 Members to UK ‘Superfund’
$267 million in assets will move to Clara-Pensions, the company’s third such transaction—but first with an active sponsor.
Pensions
US PRT Market Sees $14B in Volume in Q3
Nearly half of this quarter’s pension risk transfer volume came from IBM’s $6 billion PRT with Prudential, per Legal & General Retirement America.
Pensions
Plan Sponsors Increasingly Seek to Divest All DB Liabilities Amid Corporate Scrutiny
Some 93% of companies with de-risking plans expect to completely divest their defined benefit liabilities, according to a MetLife survey.
Pensions
Rate Cuts Unlikely to Affect PRT Market in Short Term
Funds are more sensitive to long-term rates, upon which the Federal Reserve’s action will have little impact.
Pensions
IBM Secures $6B Pension Risk Transfer With Prudential
The latest deal follows the company closing its defined contribution plan in 2023 in favor of a cash-balance pension plan and an earlier $16 billion PRT.
Pensions
Pension Risk Transfer Market Reaches $26 Billion in Transaction Volume in H1 of 2024
In the U.K. and U.S., large plans are increasingly seeking PRTs.
Regulation
No Recommendations Yet From the Labor Department on PRT Provider Selection
The department published its overdue report on the rules for selecting an annuity provider, but put off making any changes.
Pensions
3M to Transfer $2.5B in Pension Liabilities to Met Tower Life
The pension risk transfer will cover 23,000 of the company's retirees.
Pensions
Pension Risk Transfer Premiums Reach $14.6 Billion in Q1
146 contracts were sold in the quarter, a 26% increase from Q1 2023 and an all-time record.
Pensions
Entergy Enters $1.2 Billion Pension Risk Transfer with MetLife
The transaction is one of many billion-dollar annuity buyouts to occur this year.
Alternatives
Blue Owl Announces $750M Kuvare Acquisition in Latest Insurance Deal
The alternative asset manager plans to create Blue Owl Insurance Solutions following the purchase of Kuvare Asset Management and life and annuity insurance firm Kuvare UK Holdings.
Pensions
Unisys Announces $200M Pension Risk Transfer
The transaction is Unisys' sixth since 2021 and its third with F&G Annuities & Life.