Stocks
CVC-Backed Consortium Eyes £2B Pension Risk Transfer Deal with Standard Life
Standard Life Plc has agreed to partner with a consortium led by CVC Capital Partners Plc and Prudential Financial Inc. in a move to tap into the UK's booming pension risk-transfer market.
The group, which also includes Goldman Sachs Alternatives and Japanese insurer MS&AD Insurance Group Holdings Inc., will provide an initial commitment of up to £2 billion ($2.7 billion) over five years, according to a statement.
The deal is subject to regulatory approval and marks the latest tie-up between insurers and private capital firms looking to enter the UK's pension risk-transfer market.