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Big schemes boost buyout business

The buyout market for defined-benefit pension schemes increased dramatically in the last quarter of 2007 due to big deals including Emap and P&O.

Aon Consulting says the total value of business at £1.9bn was more than twice that placed in the rest of the year. The 75 cases placed in the fourth quarter were similar to the number in the first three quarters.

The market was dominated by Legal & General and Paternoster, which each wrote over £1bn during the year. Over 70 per cent of cases went to a single insurer. The average value per quotation was just under £100m although there was significant variation by insurer.

Aon Consulting principal & actuary Paul Belok says: “The fourth quarter of 2007 was, on the face of it, very successful, with more than twice as much business written than in the previous three quarters put tog-ether. Scratch beneath the sur-face, however, and the story is less dramatic. A small handful of high-value schemes caused this exceptional growth, with 75 per cent of all Q4 business relating to just four cases. Without these, 2007 as a whole would have shown only modest growth relative to 2006.”


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