Bulk annuities latest: Rothesay reports on 2025; PIC parent to relocate to London

The new business figure is down dramatically from 2024, when it completed bulk annuity deals worth a combined £15.7bn. However, this figure included two major transactions with the NatWest Group Pension Fund totalling approximately £11bn.

Rothesay’s 2025 transactions included a £900m buy-in with the National Grid UK Pension Scheme, a £120m buy-in with exam company AQA Education, and a £105m deal with Skipton Building Society.

It also agreed a deal with master trust Nest to provide a deferred bulk annuity service as part of the defined contribution scheme’s decumulation offering.

The insurance company said it had completed or was exclusive on new business worth around £2bn since the start of 2026.

Tom Pearce, chief executive officer at Rothesay, said: “We made excellent progress in investing the significant volumes of assets generated over the last two years and will continue to do this cautiously given the turbulent market backdrop. Our industry-leading risk management systems allowed us to effectively navigate a wide range of external risks and our substantial capital resources and long-term, supportive shareholders mean we are very well-placed for future growth.”

The company said the bulk annuity market was “dynamic and competitive”, with continued demand from pension schemes generating “considerable new business opportunities”. It also maintained that it was “well-placed to complete some of the largest and most innovative transactions in the market while maintaining pricing discipline and a cautious approach to risk management”.

Athora to move to UK after PIC acquisition

European insurance giant Athora Group has today (27 March) completed its acquisition of Pension Insurance Corporation (PIC), first announced last year. In a statement, the company said it planned to relocate its headquarters to London.

The company is currently headquartered in Bermuda, but will move to London next year, subject to regulatory approvals, it said.

With the acquisition of PIC, Athora now manages €139bn (£120bn) of assets and caters for 3.1 million policyholders across the UK, Netherlands, Italy, Belgium, and Germany. PIC’s £54.8bn of assets represents approximately 45% of Athora’s total assets.

Mike Wells, group chief executive officer of Athora, said: “Backed by our long-term capital base and asset origination capabilities, we think PIC is uniquely positioned to support the growing needs of the UK pension risk transfer market, and relocation to the UK is a natural next step in Athora’s strategic journey.”

Dom Veney, interim chief executive officer of PIC, added: “Joining Athora is the beginning of an exciting new chapter for PIC. With Athora’s support we can invest more in the UK economy, provide innovative solutions for more trustees and sponsors, and maintain the very high levels of customer service for which PIC is known. Athora’s commitment is validation of our strategy, people, and purpose.”

Reebok ties up £32m buy-in with Just 

Earlier this week, Just Group announced a £32m full scheme buy-in with the Reebok UK Retirement Benefits Scheme, which completed in November. The deal secured the benefits of 114 pensioners and 338 deferred members.

Martin O’Brien, one of two professional trustees from Zedra who have overseen the scheme since 2022, said: “The members of the scheme were very much at the forefront of our thinking when considering the options. We are very grateful for the clarity and support provided by our advisers and by the sponsor, including our administrators, Sanderson Law, for their support in getting the buy-in completed in a relatively short timeframe.”

Mercer acted as lead risk transfer adviser for the scheme, while Eversheds Sutherland provided legal advice.

Nichola Price, principal at Mercer, said: “The risk transfer market for schemes of this size is very buoyant, with insurers looking to differentiate their offerings for all schemes, providing trustees and sponsors more choice, better pricing and more favourable terms. This transaction demonstrates that wider choice can lead to strong outcomes for scheme members.”