French reinsurance firm SCOR has signed a £1.2bn longevity reinsurance deal with Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds.

The deal covers the longevity risk for approximately 8,000 in-payment lives and their spouses under six separate defined benefit pension schemes.

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The latest deal comes after a £1bn longevity deal signed in 2017 that offered coverage for 7,000 in-payment lives.

Currently, PIC’s longevity reinsurance business volumes are over £4bn and expected to surpass £5bn by the end of the year.

SCOR global head of longevity Rupen Shah said: “We are extremely pleased to have supported PIC in their continued efforts to help improve the security of retirees’ pensions.

“It was a pleasure working with the PIC team and we are particularly happy that the investment put in by both teams during our first transaction last year paid dividends in helping to complete this deal in such an effective and timely manner.”

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So far, PIC has reinsured more than 70% of its total longevity exposure and has reached pacts with 11 insurance parties.

PIC head of longevity risk Khurram Khan said: “We are delighted to have signed this second agreement with SCOR – characterised by both parties working in a highly efficient and collaborative manner.

“As UK bulk annuity market volumes continue to increase, reinsurance transactions need to become smoother and offer wider coverage. It is pleasing to see our reinsurance partners responding to these changing demands.”