General Insurance Article - Pension Corporation insures Toray Textiles Europe


PENSION INSURANCE CORPORATION INSURES TORAY TEXTILES EUROPE PENSION SCHEME

 Pension Corporation, a leading provider of risk management solutions to defined benefit pension funds, today announces that the Trustees of the Toray Textiles Europe Pension Scheme (“the Scheme”) have entered into a pension insurance buyout agreement with Pension Insurance Corporation (“PIC”). The transaction covers approximately £63 million of liabilities and 800 members. The company contributed £15 million to complete the transaction.
  
 Toray Textiles Europe Limited, a wholly owned subsidiary of Japanese company Toray Industries Inc., is one of the largest manufacturers of woven polyester and nylon fabrics in Europe.
 The Toray Textiles transaction is the fourth pension insurance buyout PIC has completed for a Japanese-sponsored pension fund. The others include Honda and Denso.
  
 Richard Stephens, FD, Toray Textiles Europe Ltd, said:
 “With KPMG’s experience and advice we were able to run a competitive process to choose an insurer which demonstrated value for money, financial strength and strong operational credentials. PIC met these requirements and provided a flexible, innovative solution.” 
  
 Adrian Hodgson, Chairman of Trustees, said:
 “The Trustee Board is pleased to have secured all pensioner obligations with a secure UK insurer and with a track record for smooth transactions.”
  
 Jay Shah, Co-Head of Business Origination, Pension Insurance Corporation, said: “With this transaction Toray have taken action to secure their pension fund members’ benefits for the long-term; the latest in a string of multinational or FTSE 100-sized companies taking similar action. This follows our transactions with the London Stock Exchange, Alliance Boots and Cadbury.”

Back to Index


Similar News to this Story

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.