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Pensions

PIC ditches £900m of risk

PIC ditches £900m of risk

Mark Dunne
Thursday 9th November 2017

Pension Insurance Corporation (PIC) has offloaded £900m of longevity risk to Prudential Retirement.

This is the fifth reinsurance transaction between the two companies since 2015 and this latest agreement covers around 4,000 policies across four pension schemes.

Prudential head of transactions for international longevity reinsurance William McCloskey said this deal strengthens its partnership with PIC.

“Our teams have worked closely and collaboratively on five transactions worth nearly $5bn,” he added. “These agreements help PIC to manage longevity risk and thereby secure the retirement benefits of thousands of UK pensioners.”

PIC head of longevity risk Khurram Khan described Prudential as an established longevity reinsurance market participant.

“The collaborative nature of the talks and speed of deal completion highlight the things we value in a partnership,” he added. “Over 2017 to date, PIC has now reinsured around £3bn of longevity risk in support of an excellent year for new business.”

Prudential Retirement has reinsured more than $45bn of pension scheme risk since 2011, which includes the $27.7bn deal with BT’s retirement scheme. This latest transaction is its fourth major deal so far this year.

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