North American insurance company Brookfield Wealth Solutions has received regulatory approval to enter the UK bulk annuity market, it announced this week.
It has been approved by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) and aims to enter the market this year.
It will use the brand Blumont Annuity UK. Brookfield already has £63bn invested in UK assets including infrastructure, real estate, and renewable power.
Sachin Shah, CEO at Brookfield Wealth Solutions, said: “Our group-wide commitment is to provide long-term financial security for our policyholders and clients, serviced by strong, well capitalized companies with high quality investment portfolios.
“The PRA and the FCA have been efficient, professional and highly constructive during our approval process, and we look forward to working further with them in the future.”
Just Group insures careers group’s scheme
Just Group has insured the CRAC Pension Scheme for £2.8m, securing the benefits of 40 members.
The scheme is sponsored by The Careers Research and Advisory Centre (CRAC), a Cambridge-based charity providing research, intelligence and innovation services for those careers professionals.
The deal follows a pensioner-only buy-in completed in 2014.
George Whitaker, deal lead at Broadstone, which advised on the transaction, said: “When Broadstone was first appointed to provide actuarial and administration services in 2022, the scheme had an estimated buyout shortfall of over £3m.
“The transformation in under three years has been dramatic and is testament to the hard work of the trustees, charity and advisers during that period. It is great to demonstrate once again that well-prepared schemes of all sizes can achieve a cost-effective insurance transaction in a busy market.”
Utmost strikes investment partnership with Schroders
Bulk annuity provider Utmost has appointed Schroders to manage the investment portfolio behind its pension insurance business.
Utmost entered the pension insurance market last year and has so far completed two deals.
Schroders’ mandate is worth just under £400m and includes liability-driven investing strategies, hedging and credit, as well as other insurance-specific investment expertise.
Craig Baker, chief investment officer at Utmost Life and Pensions, said: “Schroders’ expertise will play an important role in shaping the compelling proposition we are building for pension scheme trustees and members. Together, we are confident that we can deliver innovative solutions that meet the evolving needs of our clients.”
