{"id":16537,"date":"2019-08-28T17:17:47","date_gmt":"2019-08-28T21:17:47","guid":{"rendered":"https:\/\/insurance-journal.ca\/article\/morneau-shepell-announces-885-million-buy-in-annuity-deal\/"},"modified":"2019-08-28T17:17:47","modified_gmt":"2019-08-28T21:17:47","slug":"morneau-shepell-announces-885-million-buy-in-annuity-deal","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/08\/28\/morneau-shepell-announces-885-million-buy-in-annuity-deal\/","title":{"rendered":"Morneau Shepell announces $885 million buy-in annuity deal"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurance-journal.ca\/media\/photologue\/photos\/savings_money_growth.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>Morneau Shepell <\/strong>announced Aug. 27 that it has purchased several buy-in annuity contracts for the <strong>Stelco Inc.<\/strong> Retirement Plan for Salaried Employees at Hamilton Works.<\/p>\n<p>The aim of the deal, valued at $885 million, is to secure the benefit entitlements of all Plan participants, stated Morneau Shepell, the Plan Administrator.<\/p>\n<p>&#8220;We are very pleased with this outcome since our appointment as Administrator of the Stelco Inc. Retirement Plan for Salaried Employees at Hamilton Works by the <strong>Financial Services Regulatory Authority of Ontario<\/strong>,&#8221; said <strong>Al Kiel<\/strong>, senior vice president, retirement solutions, Morneau Shepell. &#8220;Our risk management approach in dealing with complex post restructuring appointments is a testament of our extensive experience in this space, and a reflection of our positive collaboration with all stakeholders for the Plan.&#8221;<\/p>\n<h5>Four insurers involved<\/h5>\n<p>The deal involved four Canadian insurers: <strong>Canada Life<\/strong>, <strong>Sun Life<\/strong>, <strong>BMO Life<\/strong> and <strong>Co-operators Life<\/strong>. The transaction covers 2,725 retirees and beneficiaries, deferred vested and active\/suspended participants.<\/p>\n<p>Morneau Shepell said the appointment of the insurers followed a thorough selection and due diligence process. Morneau Shepell&#8217;s Pension Risk Transfer and Regulatory teams worked closely together on these transactions.<\/p>\n<h5>Pension risk transfer market<\/h5>\n<p>&#8220;Our team reengineered the structure of our pension risk transfer process and worked closely with insurers\/reinsurers, which was a key differentiator for this transaction,&#8221; said <strong>Beno\u00eet Labrosse<\/strong>, vice president, asset and risk management, Morneau Shepell. &#8220;In the past few years, the Canadian pension risk transfer market has evolved to make larger and more complex transactions possible for the benefits of our clients.&#8221;<\/p>\n<p> <a href=\"https:\/\/insurance-journal.ca\/article\/morneau-shepell-announces-885-million-buy-in-annuity-deal\/\">Read the original article at insurance-journal.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morneau Shepell announced Aug. 27 that it has purchased several buy-in annuity contracts for the Stelco Inc. Retirement Plan for Salaried Employees at Hamilton Works. The aim of the deal, valued at $885 million,&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16537"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16537"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16537\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}