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Pension Insurance Corp., L&G cover £1.2B longevity risk in novel combined deal

U.K.-based energy company SSE plc's two defined benefit pension funds hedged a total of about £1.2 billion of longevity risk in a novel combined deal utilizing both a buy-in and a longevity insurance arrangement, Artemis reported.

The buy-ins amounted to £350 million, comprising pensioner liabilities worth roughly £250 million in the Scottish Hydro-Electric Pension Scheme and about £100 million in the Scotia Gas Networks Pension Scheme. Pension Insurance Corp. Plc, which served as the counterparty for the buy-ins, covered the amount. Legal & General Group Plc, meanwhile, covered £800 million of longevity risk insurance for the Scottish Hydro-Electric Pension Scheme, according to the Aug. 10 report.

The Scottish Hydro-Electric Pension Scheme became the first to use a combination of a buy-in and a longevity insurance arrangement to hedge its longevity risk, Artemis said, noting it was also the first to use the direct passthrough to directly transfer the longevity risk to reinsurance providers.

The deal was designed and led by pensions consultancy company Hymans Robertson, the report noted.