2026-02-19 · Source: Reinsurance News
Summary in 3 Points • PIC completes £113 million buy-in with Sopra Steria Retirement Benefits Scheme, securing benefits for 355 members • Sopra Steria, a European tech company, operates in nearly 30 countries with over 50,000 employees • The transaction reflects growing trend of pension schemes seeking buy-ins for financial security --- PIC, a specialist insurer focused on **defined benefit pension schemes**, has successfully completed a £113 million full buy-in with the Steria Management Plan Section of the Sopra Steria Retirement Benefits Scheme. This transaction ensures the benefits of all 355 members of the Section are fully secured. Sopra Steria, a prominent European technology company, operates in nearly 30 countries and employs over 50,000 people, highlighting the scale and significance of this deal within the **pension insurance** sector. For the **London Insurance Market**, this transaction underscores the increasing trend of pension schemes opting for buy-ins to secure financial stability and manage long-term liabilities. The deal between PIC and Sopra Steria highlights the strategic importance of **risk transfer** solutions in the current economic climate, where companies are keen to mitigate pension-related risks. Such transactions are becoming more prevalent as firms look to ensure the financial security of their pension schemes amidst market uncertainties. **Underwriters** and **brokers** in the London Market should consider the implications of this growing trend towards pension buy-ins. As more companies like Sopra Steria seek to offload pension liabilities, there is a potential increase in demand for **specialist insurance** products tailored to these needs. Risk managers should evaluate the benefits of similar **risk management** strategies for their clients, ensuring they offer competitive solutions that address the evolving landscape of pension scheme security.
For the London Insurance Market, this transaction underscores the increasing trend of pension schemes opting for buy-ins to secure financial stability and manage long-term liabilities. The deal between PIC and Sopra Steria highlights the strategic importance of risk transfer solutions in the current economic climate, where companies are keen to mitigate pension-related risks. Such transactions are becoming more prevalent as firms look to ensure the financial security of their pension schemes amidst market uncertainties.