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What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
United Kingdom | Publication | March 2024
The PPF has published a blog sharing its experience of working with overfunded schemes (that is, on a PPF basis) that enter the PPF’s assessment period and how it is helping them to achieve the best possible outcomes for members.
Written by PPF Chief Customer Officer Sara Protheroe, the blog acknowledges that more than half of the schemes that enter PPF's assessment period are now overfunded. Ms Protheroe details how in 2022 the PPF set up its PPF+ Advisory Panel, which specialises in supporting overfunded schemes and has been able to help support 26 schemes working towards securing deals outside the PPF over the past two years.
In a press release published on March 14, 2024, the DB pensions superfund Clara announced that all 10,400 members of the Debenhams Scheme are to be transferred to Clara from PPF assessment, with the scheme beginning its journey over the next 5-10 years to an insured buyout.
Clara will provide £34m of new capital to increase the security of members’ benefits and will provide £4m in back-payments to be paid to members who received reduced pensions during assessment, when member benefits were aligned to PPF Compensation levels.
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It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
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The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make 2024 challenging to predict what impact this will have on the insurance sector.
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On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
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