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Aviva announces 26m bulk annuity deal with the ABI

Aviva announces it has completed a £26m bulk purchase annuity buy-in transaction with the Trustees of the Association of British Insurers Pension & Assurance Scheme. This is the second transaction between Aviva and the Association of British Insurers Pension & Assurance Scheme, following a £10m transaction completed in 2017.
Posted on Wednesday Apr 7

Utmost Group to acquire Quilter International

Commenting on the Transaction, Paul Thompson, CEO of Utmost Group said: “This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business. Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.
Posted on Thursday Apr 1

Mercer accelerates portfolios with net zero carbon emissions

Consistent with its goal to place sustainability at the centre of its investment approach, Mercer has committed to a target of net-zero absolute carbon emissions by 2050 for UK, European and Asian clients with discretionary portfolios and the majority of its multi-client, multi asset funds domiciled in Ireland[i]. This represents a combined GBP 31.5/EUR 36.7 / USD 43.7 billion in assets under management as at 31 December 2020. To achieve this, Mercer plans to reduce portfolio relative carbon emissions by at least 45% from 2019 baseline levels by 2030.
Posted on Wednesday Mar 31

Aon appointed by London Borough of Southwark Pension Fund

Aon has announced that it has been appointed by the London Borough of Southwark Pension Fund to provide investment advice.
Posted on Tuesday Mar 30

Sackers launch fifth ESG guide

Sackers has published its fifth guide for trustees on Environmental, Social and corporate Governance (ESG) and climate change. The aim of this new guide is to help pension scheme trustees understand and respond to the latest regulatory requirements, focusing in particular on climate-related risks for their pension schemes and related disclosure requirements.
Posted on Monday Mar 29

Aviva announces 53m bulk annuity deal with General Motors

Aviva have announced it has completed a £53 million bulk purchase annuity transaction with the General Motors (VACPF)* Pension Fund. The sponsoring employer, General Motors Company, is a global vehicle manufacturer.
Posted on Thursday Mar 25

SCOR condemns a groundless move by Covea Group

SCOR condemns a deceitful and groundless move by the Covéa Group, three months before the criminal proceedings directed against Covéa and Thierry Derez
Posted on Thursday Mar 25

K3 Advisory completes 6m follow on buy out transaction

K3 Advisory have announced the successful completion of a sophisticated £6 million buy-out for a UK pension scheme in the aviation sector. The deal secures the benefits of eight pensioners and 31 deferred members. The transaction was led by Cartwright Benefit Solutions, who partner with K3 to enable their clients to get better access to the bulk annuity market. K3 led on the interaction with insurers.
Posted on Wednesday Mar 24

Younger investors are taking on big financial risks

The Financial Conduct Authority (FCA) has published research findings into better understanding investors who engage in high-risk investments like cryptocurrencies and foreign exchange.
Posted on Tuesday Mar 23

PIMFA welcomes continued relaxation of 10 percent rule

PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, welcomes the announcement from the Financial Conduct Authority (FCA) that it is extending the relaxation of the 10% depreciation notice requirement for firms until the end of 2021 and will consult on permanent change.
Posted on Monday Mar 22

The benefits of ESG integration

Aon has issued ‘Aon’s Guide to ESG Investing – The Benefits of ESG Integration’, a new paper which explores the issues surrounding the integration of environmental, social and governance (ESG) risk factors into investment analysis and decision-making – and the growing relevance and value of this process.
Posted on Friday Mar 19

Willis Towers Watson in AXA Pension longevity swap

Willis Towers Watson has announced that it was the sole adviser to the AXA UK Group Pension Scheme on its £3 billion longevity swap with Hannover Re to manage longevity risk in the Scheme. The longevity swap is a market first, with over 95% of the 16,000 members covered being non-pensioners.
Posted on Thursday Mar 18

Comment on DWP climate risk consultation

Carolyn Schuster-Woldan, managing director in Redington’s investment consulting team, commented: “While the costs estimated in the DWP’s impact assessment are more realistic than those presented in August, the overall burden for pension schemes reporting in line with the TCFD is still underestimated.
Posted on Wednesday Mar 10

L and G agree buy in with Civil Aviation Authority pension

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a c.£110 million buy-in transaction with the CAA Section of the Civil Aviation Authority Pension Scheme (CAAPS) (“the Scheme”).
Posted on Tuesday Mar 9

Three gender equality challenges faced by the AM industry

As International Women’s Day approaches on 8th March 2021 with the theme of “choose to challenge”, Lindsay Hudson, Global Head of Inclusion and Diversity at Aegon Asset Management, reflects on the key hurdles preventing gender equality the asset management industry.
Posted on Friday Mar 5

Post Brexit chance to improve financial services regulation

PIMFA is calling on the Government to take the opportunity offered by the completion of Brexit to reshape the regulatory environment for financial services in the UK.
Posted on Thursday Mar 4

Investing in illiquid assets in DC schemes

Sonia Kataora, Partner at Barnett Waddingham, said: “DWP has already been working to encourage the use of more illiquid assets in DC schemes – and making the point that this will support an economic recovery.
Posted on Thursday Mar 4

Rothesay agrees first deal of 2021 with Reach plc

Rothesay is pleased to announce that it has completed a £120m full buy-in transaction with the West Ferry Printers Pension Scheme (“the Scheme”).
Posted on Monday Mar 1

MetLife in 5bn longevity reinsurance deal with Rothesay

MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has closed its second and third longevity reinsurance transactions with Rothesay Life Plc, reinsuring approximately $5 billion of pension liabilities associated with two U.K. bulk annuity transactions completed in the fourth quarter of 2020.
Posted on Friday Feb 26

Aviva approves sale of French Business for over 3bn Euros

Aviva’s strategic transformation to focus on its strongest businesses in the UK, Ireland and Canada has taken a major step forward with the sale of Aviva France to Aéma Groupe for €3.2bn in cash.
Posted on Thursday Feb 25

Comment on Keir Starmers British Recovery Bond

Aegon’s Steven Cameron comments on Keir Starmer’s British Recovery Bond and predicts a Sunak ‘investment’ version in March Budget
Posted on Friday Feb 19

Life made simpler for pensions by harmonising ESG ecosystem

A report sponsored by Phoenix Group and published by the Pensions Policy Institute (PPI) today, has found that when pension schemes design their approach to ESG, half of schemes are finding either too much information or conflicting information to be a major challenge.
Posted on Thursday Feb 18

M and A defies economic slowdown and set to soar in 2021

There were 407 completed mergers and acquisitions (M&A) worldwide in the insurance sector in 2020, down from 419 the previous year. An anticipated pandemic-induced dip in activity in the second half of the year failed to materialise, however, with 206 deals in H2 2020, slightly up from 201 in the first six months, according to Finding opportunity in adversity, the latest edition of global law firm Clyde & Co’s insurance growth report.
Posted on Thursday Feb 18

Chancellor urged to put growth ahead of tax hikes

In new research conducted this month by pension and investment provider Aegon, financial advisers have urged the Chancellor to focus on initiatives to boost economic growth in his March Budget. With pandemic related spending causing government borrowing to rise to near all-time highs** there is intense speculation about how the Chancellor will seek to balance the nation’s books.
Posted on Tuesday Feb 16

L and G complete buy in with Deutsche Bank pension scheme

Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £570 million pensioner buy-in transaction with the DB (UK) Pension Scheme (“the Scheme”).

Posted on Tuesday Feb 16