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Pension Ins Corp plc - PIC reinsures £1.2 billion of longevity with Scor

Tue, 11th Dec 2018 09:00

RNS Number : 0219K
Pension Insurance Corporation PLC
11 December 2018
 

PIC REINSURES £1.2 BILLION OF

LONGEVITY RISK WITH SCOR

 

London, 11 December 2018 - Pension Insurance Corporation plc ("PIC"), a specialist insurer of defined benefit pension funds, has concluded a £1.2 billion longevity reinsurance deal with SCOR. The agreement covers the longevity risk for around 8,000 in-payment lives and, where applicable, their spouses, across six separate defined benefit pension schemes. This agreement builds upon a similar £1 billion contract executed in 2017. 

 

PIC's longevity reinsurance business volumes for 2018 currently exceed £4 billion and are expected to exceed a record £5 billion by the end of the year. The company has reinsured over 70% of its total longevity exposure and has now signed treaties with eleven highly rated reinsurance counterparties. Longevity reinsurance is an intrinsic part of PIC's business model. PIC wrote its first longevity reinsurance contract in 2008.

 

Rupen Shah, Global Head of Longevity at SCOR, said: "We are extremely pleased to have supported PIC in their continued efforts to help improve the security of retirees' pensions. It was a pleasure working with the PIC team and we are particularly happy that the investment put in by both teams during our first transaction last year paid dividends in helping to complete this deal in such an effective and timely manner."

 

Khurram Khan, Head of Longevity Risk at PIC, said: "We are delighted to have signed this second agreement with SCOR - characterised by both parties working in a highly efficient and collaborative manner. As UK bulk annuity market volumes continue to increase, reinsurance transactions need to become smoother and offer wider coverage. It is pleasing to see our reinsurance partners responding to these changing demands."

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Notes to Editors:

For further information please contact:

 

Pension Insurance Corporation      Jeremy Apfel                            +44 (0)20 7105 2140

                                                            apfel@pensioncorporation.com 

 

Teneo Blue Rubicon                          Anthony Silverman                    +44 (0)20 3757 9231

                                                            Anthony.Silverman@teneobluerubicon.com

 

About Pension Insurance Corporation The purpose of Pension Insurance Corporation plc ("PIC") is to pay the pensions of its policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At half-year 2018, PIC had insured 162,800 pension scheme members and had £27.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com

 

SCOR, a Global Tier 1 Reinsurer

With total premiums of EUR 14.8 billion and assets of EUR 43.2 billion in 2017, SCOR is one of the world's largest reinsurance companies. SCOR provides insurance companies with a diversified and innovative range of solutions and services to control and manage risk. Using its experience and expertise ("The Art & Science of Risk"), SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk - in Life & Health insurance (longevity, mortality, LTC, etc.) as well as in P&C insurance (natural catastrophes, agriculture, industry, transport, engineering, etc.). The Group's 2,800 employees serve clients in more than 160 countries from its 38 offices worldwide.

For more information, visit: www.scor.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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