Prudential Wins $1.6 Billion Pension Risk Swap With Hartford

June 27, 2017, 4:00 AM

Prudential Financial Inc., the second-largest U.S. life insurer, won a deal to take on $1.6 billion of pension liabilities from Hartford Financial Services Group Inc.

The agreement covers 16,000 former employees, or about 38 percent of the company’s pension plan participants, according to a statement June 26 from Hartford, which is based in the Connecticut city of the same name.

The volume of pension-risk transfer deals has been expanding in recent years, to more than $13 billion in both 2015 and 2016, according to industry group LIMRA. Similar transactions with United Technologies Corp. and packaging company WestRock Co. last year...

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