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LONDON, Feb 27 (Reuters) - Pension Insurance Corporation has agreed a pensions buy-in deal totalling around 6.5 billion pounds ($7.79 billion) with insurer RSA Group covering the pensions of 40,000 members, PIC said in a statement on Monday.
The buy-in is the largest ever bulk annuity deal of its kind, PIC said, and involves the insurer taking on the risk of the pension scheme's liabilities.
Companies have been trying to offload pension schemes from their balance sheets in recent years as they are expensive to run, while bulk annuity deals have provided a growing source of income for insurers.
The deal comes after British insurer RSA was acquired by Canada's biggest property and casualty insurer Intact Financial Corp and Denmark's Tyrg in 2021.