CITY DEALINGS Keeping up to date on acquisitions, mergers and the dealings of companies in the city
L&G agree innovative bulk annuity deal with Hitachi Data Legal & General have announced that in H1 2019 it completed a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan (“the Plan”), covering around 120 members. This is the third transaction between Legal & General and the Plan, with Legal & General having completed two prior pensioner only buy-ins in 2012 and 2013. This latest transaction provides insurance cover for all the remaining members of the Plan: both those who have retired since 2013 and the deferred pensioners. READ MORE
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Frankie Borrell, Director, Legal & General Pension Risk Transfer, said:
“We are delighted to have helped Hitachi and the Trustee over the past seven years. This is another great example of a group of trustees and their sponsor having the confidence and trust to start and finish their de-risking journey with us. The dual benefit dynamic presented some interesting challenges for the transaction, but all parties showed great focus on delivering an outcome that had members’ interests at the heart.”
Greene King appoint XPS as actuarial and investment advisors
ReAssure agrees to acquire Quilters UK closed book business
XPS Pensions Group is pleased to announce its appointment by the Trustee of the Greene King Pension Scheme to provide actuarial and investment advice, following a competitive tender process.
Swiss Re announced today that its subsidiary ReAssure Group plc has agreed to acquire the UK closed book business of Quilter plc, consisting of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited, including about 300 employees. The total consideration of the transaction is GBP 425 million. The acquisition will add over 0.2 million customer policies and GBP 12 billion of assets to ReAssure’s platform.
Greene King is well known for brewing beer and running pubs in Bury St. Edmunds from its formation in 1799 by 19 year old Benjamin Greene. It runs over 2,900 pubs, restaurants and hotels and is the leading cask ale brewer in the UK. The Scheme has nearly £400m of assests providing pension benefits for around 2,500members. The trustees READ MORE
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The transaction will increase ReAssure’s total policy count READ MORE