Insurer Takes £2.8B Pension Risk From National Grid
Law360, London (October 9, 2019, 4:34 PM BST) -- Rothesay Life has insured £2.8 billion ($3.4 billion) of pension risks from National Grid PLC’s U.K. scheme, covering the electricity and gas utility company against potentially higher payouts because of increases in the life expectancy of its members.
Specialist insurer Rothesay Life PLC said Tuesday that it will cover part of the £20 million National Grid UK Pension Scheme, which covers the company's former employees. Rothesay Life’s buy-in of “Section A” of the defined benefit scheme transfers £2.8 billion of pension liabilities to the insurer.
The transaction will protect Warwick-headquartered National Grid against paying out to its members for longer periods...
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