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BACB pension scheme transacts first open-tendered underwritten buy-in

first_imgThe British Arab Commercial Bank (BACB) Pension Scheme has entered into a £12m (€14.5m) insurance contract with Partnership, in the UK’s first tendered medically underwritten buy-in.The £12m deal covered all non-insured pensioners in the £60m scheme and was arranged via a third-party information collector.MorganAsh collected the medical information from the scheme’s members via a questionnaire. It then passed on the results to all interested insurers to formulate their bids.Insurers responded to the tender based on the identical medical information, resulting in a more competitive price for the trustees to transact. This differed from the process seen thus far, where deals are completed after a pension scheme selects an insurer upfront.JLT Employee Benefits (EB) had worked with insurers and MorganAsh to develop the process for its clients.Graham Wardle of BESTrustees, who chairs the BACB scheme, said the board received a 95% response rate from members, allowing the trustees to obtain an accurate price for the exercise.“We were able to achieve a competitive price by selecting Partnership Assurance, and we are pleased with how streamlined the process was,” he said.“The continual de-risking of our pension scheme is an important goal and ensures the long-term security for our members.”Buyout consultant at JLT EB, David Barratt, said the new process designed by the consultant could be important for schemes looking for effective and efficient de-risking.“We are continually looking to improve efficiencies for our clients and are delighted to have brought this new process to the market,” he said.Partnership Assurance director of corporate partnerships, Will Hale, said the tendered deal represented a landmark in the underwritten bulk annuity market.“We were happy to support JLT Employee Benefits develop this new market process,” he said.“A common approach to the collection of member information will ensure schemes wishing to de-risk through a choice of insurers, and they can be confident of attaining a competitive price.”last_img read more

Van Straten wins third straight at Shawano

first_imgBy Scott Owen Sawyer Haese looked to have the car to beat early on in the Northern SportMod feature until Ja­son Jach stormed past on lap four to grab the lead. Haese fell victim to mechanical gremlins on lap five, ending his night. Van Straten took the lead on lap seven working the lowest line on the track. Michonski took the lead back on lap eight running the highest line. They continued to battle door-to-door on lap nine with Van Straten holding the lead on the lap.  Cautions plagued the start of the Modified feature before Mark Weisnicht led lap one.  By lap three, Wilinski had worked his way to second and went to work on Weisnicht. Wilinski moved to the inside of Weisnicht on lap four and took the lead. Bartz moved to second on the grid at this time and set her sights on Jach. Bartz and Jach swapped the lead back and forth for the next few laps. On lap nine, Bartz took over for good and did not look back on her way to victory lane. SHAWANO, Wis. (July 13) – Halloween at the Half Mile had no tricks, just treats for Travis Van Streten, Konnor Wilinski and Jordan Bartz. Van Straten outdueled Dan Michonski for his third straight Shawano Speedway IMCA Sunoco Stock Car feature win while Wilinski scored his first IMCA Modified feature of the season and Bartz got Karl Kustoms Northern SportMod win number three.   Over the next 11 laps, Van Straten had his hands full as Michonski worked high and low trying to a find a way back to the front. Van Straten was flawless, though, and held off Michonski for the win. Travis Van Straten raced to a third straight IMCA Sunoco Stock Car victory during Halloween at the Half Mile at Shawano Speedway. (Photo by Turn 2 Photos) Due to the early cautions the race was shortened as it reached the time limit. In the end it was Wilinski followed by Weisnicht, Matt Oreskovich, Jason Czarapata, and Rob Charapata. The Stock Car feature saw Kurt Olson lead the opening two laps before Michonski snuck past.  On lap five, Van Straten got around Olson and into second. As has consistently been the case lately, Michonski and Van Straten began a duel for the lead. last_img read more