Frankie Borrell reviews developments in the pension risk transfer market throughout 2016.
A quiet year in the pensions bulk annuity market is a rare thing and 2016 was in no mood to dial down the volume. The year started with the much anticipated introduction of Solvency II, a piece of legislation almost 15 years in the making. We saw the de-risking landscape evolve: one insurer withdrawing, two settling in and a further two merging. The seven active providers drove innovation to meet the needs of an ever more sophisticated market place. And of course, all of this was set against the backdrop of an unsettled political environment, not least the UK voting to leave the EU.
So despite all the noise and bureaucracy, this part of the process isn't that complicated after all."
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