On September 8, 2022, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Current Issues in Insurance. Mr. Steven Seitz, Director of the Federal Insurance Office, testified at the hearing. Senators Elizabeth Warren and Sherrod Brown asked Mr. Seitz especially incisive questions on the effects of pension risk transfer deals […]
In a previous post on this blog, we highlighted that in March, Senator Sherrod Brown, Chairman of the Senate Banking Committee wrote to Steven Seitz, Director of the Treasury Federal Insurance Office, and Dean Cameron, President of the National Association of Insurance Commissioners (NAIC), expressing his concerns about private equity’s growing role in the insurance industry. See […]
On March 16, 2016, Senator Sherrod Brown, Chairman of the Senate Banking Committee wrote to Steven Seitz, Director of the Treasury Federal Insurance Office, and Dean Cameron, President of the National Association of Insurance Commissioners (NAIC), expressing his concerns about private equity’s growing role in the insurance industry. A copy of Sen. Brown’s letter can be found here. […]
According to S&P Global, over a dozen pension de-risking transfers were reported in 2021 where the insurer issuing the group annuity contract was not disclosed. Approximately $3 billion in pension liabilities was transferred in these deals. Lumen Technologies, Inc. Ball Corp. Corteva Inc. (believed to be New York Life) Yellow Corp. Albertsons Cos. Inc. L3Harris […]
U.S. insurance companies reported over $2.08 billion in pension de-risking transfers during the first quarter of 2022. MetLife Inc. reported a transaction with Pactiv Evergreen Inc. Prudential reported deals with Peabody Energy Corp. and the Timber Operators Council Retirement Plan. PotlatchDeltic Corp. transferred $70 million in pension liabilities to American International Group Inc.
Pension de-risking transfers totaled $34.2 Billion in 2021, the highest since 2012. Two of the largest pension de-risking deals of 2021 involved Athene Holdings. Lockheed Martin transferred $4.9 Billion in pension liabilities affecting 18,000 employees to Athene Holdings effective January 1, 2022. Athene also took on $2.8 Billion in pension liabilities from JC Penny affecting […]
On March 3, 2022, Senator Chris Murphy (D-Conn) introduced the Pension Risk Transfer Accountability Act of 2021, legislation designed to make defined benefit pensions plans more secure by directing the U.S. Department of Labor to review its guidance on pension risk transfers (PRT) and determine whether additional guidance is necessary to protect pensioners. The guidance […]
The Timber Operators Council Retirement Plan, a multiple employer defined benefit plan established by a group of employers belonging to the same trade association has transferred its pension liabilities to Prudential Financial. The pension de-risking transfer is valued at $245 million, and effects approximately 3,000 retirees, beneficiaries and future retirees. Prudential Insurance Co. of America […]
By the end of the third quarter of 2021, pension risk transfers totaled $25.7 Billion. Mark Paracer of the Secure Retirement Institute predicts that “the annual record of $36 billion set in 2012” will be surpassed when the final data from 2021 is published. The fourth quarter is historically the strongest quarter for PRT as […]
NorthWestern Energy, based in Sioux Falls, South Dakota transferred $94 million in pension liabilities to Pacific Life Insurance effective January 1, 2022. This pension de-risking transfer effected 1,062 participants in the NorthWestern Energy Pension Plan. Pacific Life is now responsible for paying benefits to those retirees. NorthWestern Energy serves gas and electric to customers in […]
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