PIC seals $1.1bn reinsurance deal with Prudential

Specialist pension fund insurer Pension Insurance Corporation (PIC)
offloaded $1.1bn in longevity risk to Prudential Insurance Company
of America, to cover 2,900 people in the Aon Retirement Scheme.
The deal is PIC's first large pension insurance transaction
since the implementation of Solvency II.
"This deal truly demonstrates that large buy-ins priced
under Solvency II are still an attractive option for
trustees," said Bill McCloskey, vice president of longevity
risk transfer at Prudential Fin