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The Steamship Insurance Management Services Ltd Pension and Assurance Scheme has agreed a £55m buy-in.
The transaction with Royal London insures the liabilities of more than 350 members in the mutual shipping insurer’s pension scheme, with Royal London being itself a mutual.
Barnett Waddingham brokered the deal, with the trustees taking legal advice from Wedlake Bell and SECOR Asset Management as investment advisers. Law firm Hogan Lovells advised Royal London on what it says is the first bulk annuity transaction in the UK between a mutual BPA provider and the pension scheme of another mutual insurance company.
“The opportunity to transact with a mutual was an important consideration for the trustees given the emphasis we place on service and stability,” said Graham Jones, speaking on behalf of the trustees.
Tom Hill, BPA origination manager at Royal London, said: “We’re proud to partner with the trustees of the Steamship Pension and Assurance Scheme, a board who are deeply familiar with the power of mutuality.”
He added: “We’re also delighted to have completed three transactions in six months with the team at Barnett Waddingham, and we look forward to working with them on many more in the future.”
Andy Smith, a risk transfer adviser at Barnett Waddingham, said: “Having worked with this scheme across a number of years, it’s been fantastic to help the trustees complete a buy-in transaction that achieved their objectives. Royal London were able to deliver on a number of fronts, across both price and their wider offering.”
Royal London has so far revealed 13 transactions with external pension schemes in 2025, which it said cover almost 7,000 members and involve £865m of premiums.
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