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Aviva completes £187M bulk annuity buyout deal

Aviva Plc completed a bulk annuity buyout deal worth £187 million to insure the defined pension liabilities of the Sea Containers 1983 Pension Scheme.

The transaction will enable trustees to secure benefits in excess of the compensation levels provided by the government-backed Pension Protection Fund for the scheme's roughly 750 members, the British insurer said Feb. 15.

Founded in 1965, Sea Containers Ltd. and two of its subsidiaries, including Sea Containers Services Ltd., the employer supporting the pension scheme, filed for U.S. bankruptcy protection in 2006 after missing a bond repayment.