Pension Insurance Corporation (PIC) has had a big first half.
“This has been a record-breaking first half for PIC both in terms of the amount of new business transacted and longevity risk re-insured,” said chief origination officer Jay Shah, whose firm so far this year has reinsured £7 billion of longevity reinsurance and concluded £5.8 billion of buyouts and buy-ins with the trustees of defined benefit pension schemes.
“On the longevity reinsurance we are especially pleased to have insured such a large amount of deferred lives. This is a significant development for the reinsurance market, where we are now starting to see the standardisation of these types of deals, which we have had for several years for pensioner deals.”
PIC, which wrote its first longevity reinsurance contract in 2008, cited the reinsurance of nearly £1.5 billion of deferred, or non-pensioner, lives for the period.
Meanwhile pension scheme transactions in the first half featured the likes of Co-op, Marks & Spencer, and Dresdner.