PIC installs Dominic Veney as chief actuary

PIC installs Dominic Veney as chief actuary

Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has appointed Dominic Veney as chief actuary and member of its senior management team.

Veney, who takes over from current chief actuary Jim Collins, will be responsible for leading the actuarial team at PIC.

In this role, Veney will provide the regular reporting and analysis of the company’s financial performance across all solvency and shareholder metrics, including the calculation and analysis of both the technical provisions and the capital requirements using the agreed internal model. He will also deputise for the chief financial officer.

Veney brings with him 20 years of experience in the life insurance industry. Most recently, he was a partner at PwC, leading its UK life actuarial team of more than 100 members of staff.

Rob Sewell, chief financial officer at PIC, said: “We are thrilled that Dominic has accepted the position of chief actuary at PIC, an important role within the company. As we continue to insure increasing amounts of defined benefit pension fund liabilities we will benefit from Dominic’s considerable experience, technical capability and passion for excellence.”

Sewell added: “I’d like to thank Jim for his very valuable contribution to PIC over the last seven years and for his dedication and commitment to the company.”

Dominic Veney, chief actuary at PIC, commented: “I am delighted to be joining PIC as chief actuary. PIC has an impressive growth track record and the company’s prospects within a dynamic and competitive industry are bright. The actuarial function is integral to the success of the firm and I am excited to have such a hands-on role in shaping the future of the company. I look forward to working closely with Rob and the team.”

Prudential Insurance Company of America (PICA), meanwhile, has concluded a longevity reinsurance transaction with Prudential Retirement, a unit of Prudential Financial.

Under the deal, PICA assumes the longevity risk for £900 million in pension liabilities, representing approximately 7,500 pensioners across two schemes.

According to PICA: “This agreement signals strong demand for longevity reinsurance in the UK, especially as a result of the growing desire among companies to de-risk their pensions. This desire has become more achievable due to the improved funding levels of UK schemes, many of which have spent several years progressively de-risking their liabilities. They are now well placed to do a buyout or buy-in. PIC and Prudential have long been leaders and innovators in providing de-risking solutions.”

“We at Prudential are proud to strengthen our growing partnership with Pension Insurance Corporation,” said Tom Cahill, a director on Prudential’s longevity reinsurance team. “Our two teams have not only worked closely on several transactions, but we have also collaborated on innovative new processes that have helped smaller schemes access the pension de-risking marketplace.”

The two firms concluded their last longevity reinsurance agreement in November 2017. Overall, they have come to agreements collectively worth about £4.4 billion.

Jay Shah, chief origination officer at PIC, said: “This agreement represents the sixth major reinsurance transaction between the PIC and PICA teams during the past three years. It is testament to the collaborative partnership that has been built. We believe the reinsurance market will continue to be competitive in support of the significant de-risking activity expected over 2018.”

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