Prudential Wins $220 Million Pension-Risk Swap With Ball Corp.

Prudential Financial Inc., the largest U.S. life insurer by assets, agreed to take on $220 million of pension obligations from packaging firm Ball Corp.

The deal covers about 11,000 retirees in the U.S. from Ball and Rexam, a business that it acquired last year, the Broomfield, Colorado-based packaging company said Aug. 22 in a statement. Ball expects to incur a charge of about $40 million tied to the deal in the third quarter.

Prudential has been extending its bets on pension-risk transfer transactions, where the insurer takes on obligations from employers and gains more assets to invest. The Newark, New ...