2024 has remained consistently busy for the risk transfer market across schemes of all sizes – from a record-breaking number of sub-£100m transactions to the widely reported news that NatWest Group has secured around £11bn of its scheme’s liabilities.
2024 saw the addition of two new insurers (Utmost and Royal London) successfully completing their first external transactions, with a third (Blumont, owned by Brookfield) hoping to do so in early 2025, which will provide further capacity and competition to this thriving market. Clara has also completed two superfund transactions, including its first transaction with an ongoing covenant, and is developing additional solutions with the aim of opening up alternatives to the traditional buyout endgame to a wider range of schemes.
Our team takes pride in being central to this market, consistently delivering innovative solutions customised to meet each client's objectives. In 2024 we led 29 bulk annuity, superfund or longevity swap transactions for schemes of all sizes - ranging in size from less than £1 million to £5 billion! And we remain busy with a very strong pipeline of transactions moving into 2025.
This report provides an overview of the market over the past year and our predictions of what we expect to happen in 2025. In addition, our experts highlight some topical issues we expect to be important to schemes considering a transaction, including:
- Meeting the growing demand for bulk annuities
- Prioritising member experience
- What does ‘investing like an insurer’ really mean?
- What’s going on in the longevity swap market?
- How 2024 has been a year focused on sustainability
- The increasing role of alternative risk transfer offerings
