Commenting on the medically underwritten buy-in announced by Kingfisher today, the largest to date, James Mullins, Partner and Head of Risk Transfer Solutions at Hymans Robertson, who were recently appointed as Kingfisher’s pension scheme actuaries and who advised on the funding implications of the transaction, said: |
“Medically underwritten buy-ins have now covered over £2 billion of liabilities, including a record breaking £1 billion of medically underwritten buy-ins in the fourth quarter of 2015 alone. They represented over 12.5% of all bulk annuities purchased by pension schemes during 2015 (i.e. for every £8 spent on bulk annuities in 2015, more than £1 was on medically underwritten buy-ins). This is significant growth from around 5% in 2014.” “Market share in the medically underwritten buy-in market up to 31 December 2015 is around 60% for Just Retirement, around 30% for Partnership (who are due to merge on 4 April 2016 to form JRP) and around 10% for Legal & General, with Aviva having also written one medically underwritten buy-in.” “At £228m this is the largest medically underwritten buy-in to date and Kingfisher becomes the third FTSE 100 company to have completed a medically underwritten buy-in, all of which have been “top slice” transactions, which insure the pensioners with the highest individual liabilities. ”
“Hymans Robertson has been the leading pioneer in the medically underwritten buy-in market, having advised on 1 in 4 of all these types of deals.” |
|
|
|
Specialty GI Pricing Leader | ||
London - Negotiable |
Senior Life Actuarial Assoc or Direct... | ||
Bermuda - Negotiable |
Health Insurance Manager | ||
London/hybrid 2-3dpw office-based - Negotiable |
Principal Actuary - Bermuda | ||
Bermuda - Negotiable |
GI Pricing Analyst | ||
Wales / hybrid 2dpw in the office - Negotiable |
International Investment Manager | ||
Bermuda - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Risk Transfer Consultant | ||
Any UK Office location / Hybrid working, 2 days p/w in office - Negotiable |
Senior Life Actuarial Analyst | ||
South East / hybrid 3dpw office-based - Negotiable |
Investment Manager - Credit Risk & Re... | ||
South East / hybrid 3dpw office-based - Negotiable |
Actuarial Project Manager | ||
South East / hybrid 3dpw office-based - Negotiable |
Senior Associate - Trustee Pensions | ||
South East / hybrid 1-2dpw office-based - Negotiable |
STAR EXCLUSIVE: BPA Pricing Actuaries | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
Ceded Re Pricing Actuary | ||
London - £150,000 Per Annum |
Senior Actuary | ||
London - £180,000 Per Annum |
Financial Reporting in Reinsurance | ||
London / hybrid 2 days p/w office-based - Negotiable |
Home Insurance Director | ||
North West/Hybrid - £140,000 Per Annum |
Head of Long-tail Global | ||
UK/USA - £200,000 Per Annum |
Challenge the pensions industry! | ||
UK Flex / hybrid 2dpw office-based - Negotiable |
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.