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


first_imgMurdered by the Real IRA: James BarkerA LAWYER representing the families of the Omagh bomb massacre victims has described the outrage as the slaughter of innocents.He was speaking as two men were found culpable in a civil case brought by relatives. Colm Murphy and Seamus Daly were successfully sued for a second time in the civil retrial after a judge said the evidence against them was overwhelming.Three schoolboys from Co Donegal were among those killed when Real IRA terrorists planted a bomb in the centre of the Tyrone town in August 1998.Buncrana children Oran Doherty, who was just 8 and Sean McLaughlin (12) and James Barker (12) died in the terrorist outrage.Spanish student Fernando Blasco Baselga (12) and Rocio Abad Ramos, a group leader who were staying with local families in Buncrana at the time, also died.Solicitor for the families Matthew Jury said the Omagh bombers had not furthered any cause.“It was a massacre of the innocent that left a scar on families, their community and their country that has not healed,” he said.“By bringing this civil action, their victims showed that they will not be intimidated and that justice will be done.”In his judgement, Mr Justice Gillen said the case against them, which was primarily based on mobile phone evidence, was “overwhelming”.He added: “The barrier of time has not served to disguise the enormity of this crime, the wickedness of its perpetrators and the grief of those who must bear its consequences,” he said.“Even 15 years on, nothing can dilute the pulsing horror of what happened.”Lord Brennan QC, representing the families, said the bereaved relatives were determined that the damages would be paid.“Enforcement will be pursued with vigour here and in other relevant jurisdiction,” he said.Michael Gallagher, whose son Aidan was killed in the bombing, called on Gardai and the PSNI to once again pursue criminal proceedings against the men.He said: “We have held people to account for Omagh but we will now write to the chief constable and the Garda Commissioner to see if there is any way people could be brought before the criminal courts.“That’s really what we wanted in the first place and sadly it was left up to the families to get a result and to hold people to account for this crime.”He said it was “scandalous” that so much money, estimated to be “tens of millions” had been spent to bring justice in the case.MURDERS OF BUNCRANA BOYS IN OMAGH MASSACRE WAS ‘SLAUGHTER OF THE INNOCENTS’ was last modified: March 21st, 2013 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:buncranaJames BarkerMURDERS OF BUNCRANA BOYS IN OMAGH MASSACRE WAS ‘SLAUGHTER OF THE INNOCENTS’Omagh bombOran DohertySean McLaughlinlast_img read more