De-risking deals totalled £17.6bn in H1: LCP

first_imgHowdenL&GBuy-in£0.2bn HSBCPrudential (US)Longevity swap£7bn British American TobaccoPICABuy-in£3.4bn H1 2019 buy-ins/buyouts – market share (%)Chart MakerCharlie Finch, partner at LCP, said: “FTSE 100 transactions are continuing at a rapid pace. In the past week alone we have seen giant longevity hedging transactions announced by British American Tobacco and HSBC, taking the number of FTSE 100 transactions to six so far this year.“Our team has had its busiest year to date, completing a record of £10bn deals so far in 2019 as large blue-chip companies increasingly seek specialist support to de-risk their schemes.“Insurer pricing has held up well and we continue to expect 2019 full year buy-in and buyout volumes to exceed £30bn as large transactions compete for market capacity in the second half of the year.” Despite the size of the deals completed this year – and the fact that most insurance companies were reporting full pipelines of new business – consultancy group Aon said schemes were still able to access “strong pricing opportunities” for de-risking transactions, regardless of size.In a report into first-half activity, Aon stated: “While the large deals may catch the eye, there are still opportunities for smaller schemes to attract competitive pricing.“For sub-£30m transactions, insurers and schemes are tailoring their approach to make these deals as efficient and manageable as possible. In many cases we are seeing smaller schemes achieve comparable yields to the largest transactions.”Buy-in/buyout volumes in H1 2019Chart MakerLaura Mason, CEO of L&G’s institutional retirement business, said in her company’s first-half results statement that the bulk annuity market “continues to show promising growth”.“These transactions allow us to reinvest these pension funds into the UK economy in areas such as affordable housing, renewable energy and transport,” she added, “benefiting our cities, future generations and the wider economy.”UK pension risk transfer deals in 2019 PearsonL&GBuy-in£0.5bn QinetiQScottish WidowsBuy-in£0.7bn Marks & SpencerPIC, Phoenix LifeBuy-in£1.4bn PGLPhoenix LifeBuy-in£1.1bn CommerzbankPICBuyout£1.2bn Company/scheme Insurer(s) Type Size  Legal & General (L&G) and Pension Insurance Corporation (PIC) dominated the UK’s pension de-risking market in the first half of the year as transactions hit a record £17.6bn (€19.1bn).Multi-billion pound deals involving the defined benefit funds for Rolls-Royce and Marks & Spencer also meant the 12-month period to the end of June 2019 was the busiest ever recorded with £34bn worth of transactions, according to consultancy LCP. L&G led the way with £6.3bn of new business, according data compiled by LCP. This included the £4.6bn Rolls-Royce buy-in, announced in June.PIC completed £6bn worth of de-risking deals in the first six months of the year, including a £930m buy-in for Commerzbank’s UK pension scheme. Rolls-RoyceL&GBuy-in£4.6bn Source: LCP; IPE reportslast_img read more

McGregor out for up to six weeks

first_img Press Association “As I’ve said repeatedly, injuries are the one area where we needed to stay fit and healthy and this one couldn’t have come at a worse time. “Allan will be a big miss for us because he has played very, very well and we wish him a speedy recovery.” Steve Harper, brought in over the summer after his contract at Newcastle expired, will deputise, starting in this weekend’s trip to Tottenham. Bruce said of the 38-year-old: “This is the reason we brought Steve in to be fair. “He’s got an abundance of Premier League experience and we’re lucky that we can call upon somebody with his experience.” Hull go into the clash at White Hart Lane in ninth place, level on points with defending champions Manchester United. McGregor has played a key role in Hull’s impressive return to the top flight but is now set for a spell on the sidelines after sustaining the problem at Everton on Saturday. “We’ve just found out this morning that Allan is going to be out for five or six weeks,” Bruce told the club’s official website. center_img Hull goalkeeper Allan McGregor has been ruled out for up to six weeks with a thigh injury, Tigers boss Steve Bruce has announced.last_img read more

NBA trade rumors: Grizzlies want to move Andre Iguodala for first-round pick

first_img Rob Pelinka on expectation for Lakers next season: ‘Anything short of a championship is not success’ James Harden on Russell Westbrook trade: ‘It’s going to be a lot of fun this year’ There is some belief within league circles that the Grizzlies are prepared to take Andre Iguodala into the season unless they receive a trade offer featuring a future first-round pick— Marc Stein (@TheSteinLine) July 12, 2019This is certainly ambitious for Memphis considering 35-year-old Iguodala’s mileage. He’s battled with lower leg injuries in recent years and averaged just 5.7 points, 3.7 rebounds and 3.2 assists with Golden State in 2018-19. But the versatile defender is in high demand.The Lakers, Rockets, Mavericks, Clippers and Nuggets are all rumored to be interested in Iguodala, but they might not be interested enough to risk their futures on a player with a few years of basketball left in him, at best. Related Newscenter_img Memphis is willing to part with Andre Iguodala, but it has a hefty asking price. The Grizzlies acquired the 15-year wing from the Warriors in a trade this offseason and might not move him if they can’t get a future first-round pick out of his many suitors, according to a report from The New York Times. “I have a good idea how much longer I want to play,” Iguodala said earlier this year. “I’m keeping it to myself, but it’s going to be soon. I can play four or five more years. But I won’t.”Memphis is rebuilding the right way and has three top-5 picks in 2019’s No. 2 overall pick Ja Morant, Jaren Jackson Jr., and Josh Jackson at its disposal.The Grizzlies traded away franchise players Mike Conley and Marc Gasol last season and finished 2018-19 with a 33-49 record, which was good for 12th in the Western Conference. But they could turn things around if the assets they’re collecting pan out.last_img read more