Brookfield's entry marks milestone for UK's thriving bulk annuity market - LCP
Pensions & benefits Pension risk transfer DB pensions
The Financial Times has reported today that Brookfield is setting up a new UK insurer to enter the UK buy-in/out market.
Charlie Finch, Partner at LCP, commented “Brookfield’s planned entry demonstrates how vibrant the UK bulk annuity market is. It will take the market to a record 11 participants following the entry announcements earlier this year by Royal London and Utmost. Brookfield already participates in both the US and Canadian bulk annuity markets, and has the potential to be significant provider in the UK market. Their entry will add further capacity and competition as record numbers of defined benefit schemes enter into buy-ins and buy-outs, with volumes of up to £600bn predicted over the next 10 years.”
Last month, LCP predicted a further new entrant in 2024 taking the bulk annuity market to a record 11 insurers in their recent de-risking market update.