The bulk annuity market is set to hit a five-year high with insurers preparing for a busy six months after completing £3bn of transaction in the first half of 2013.
The three biggest bulk annuity insurers accounted for more than 90% of new business written in the six months to April according to research from Aon Hewitt.
Orthopaedic firm Smith & Nephew has entered into a buy-in with Rothesay Life for its two defined benefit (DB) schemes covering £190m of liabilities.
The bulk annuity market in 2012 was dominated by three big players, who hoovered up more than three quarters all new business according to research from Aon Hewitt.
Last year's dip in the buy-in and buyout market was due to trustees focusing on triennial valuations and schemes being unprepared to transact, say insurers.
Insurers expect to write more than £6bn of buyout and buy-in business in 2013 after a strong finish to 2012 saw £1.5bn in transactions, says JLT Employee Benefits.
Rothesay Life co-head of business development Guy Freeman examines the role annuities can play in a portfolio.
Rothesay Life has refinanced £100m of debt with MassMutual, a US mutual life insurer.
The Western United Group Pension Scheme, one of Vestey Group's schemes, has agreed a £115m buy-in with Rothesay Life.
The General Motors UK Pension Plan has entered into a £230m buy-in with Rothesay Life to cover the benefits of all of its 11,000 members.