Willis Towers Watson advises on CA$1.8 billion annuity transaction involving Sun Life, iA Financial Group and Brookfield Annuity

Παρασκευή, 09 Απριλίου 2021 13:46
Willis Towers Watson advises on CA$1.8 billion annuity transaction involving Sun Life, iA Financial Group and Brookfield Annuity

Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, in collaboration with Sun Life, iA Financial Group and Brookfield Annuity, announced a group annuity buy-out transaction of CA$1.8 billion for over 6,000 members of the General Motors of Canada Company salaried pension plan who retired prior to June 1, 2020.

Marco Dickner, Retirement Risk Management Leader, Canada, at Willis Towers Watson, said "This deal is ground-breaking because it demonstrates that Canadian insurers can now effectively meet plan sponsors' needs for jumbo transactions, a milestone in the evolution of pension risk transfers in Canada." 

Brent Simmons, Head of Defined Benefit Solutions at Sun Life, added "We've finally cracked the CA$1 billion mark for a single insurer in a single day with Sun Life's CA$1.1B share of the deal."

iA Financial Group's share is CA$0.6 billion while Brookfield Annuity covers CA$0.1 billion.

Éric Jobin, Executive Vice President, Group Benefits and Retirement Solutions, iA Financial Group, said "This deal is historic for the Canadian industry as it highlights our capacity to support clients of all sizes and help them to transfer risks through the purchase of annuities."

Paul Forestell, President & CEO, Brookfield Annuity, added that "This transaction demonstrates our ability as an insurer to collaborate on creative solutions that help employers provide increased benefit security and peace of mind for their annuitants."

Under an annuity buy-out, an insurance company assumes responsibility for making pension payments to plan members in exchange for a premium from the pension plan sponsor. This group annuity transaction involves the largest asset in-kind transfer in Canadian history. In this arrangement, most of the pension plan investments were not sold but transferred to the insurance partners in kind.

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