LV= employee scheme turns longevity swap into £800m buy-in

first_imgThe LV= Employee Pension Scheme, the pension fund for the UK insurance company, has converted a longevity swap held with ReAssure – and reinsured by Swiss Re – into a £800m (€866m) buy-in with Phoenix Life.The scheme said the move represented a significant de-risking step and reduced volatility in the amount of capital that sponsor LV= is required to hold in respect of defined benefit (DB) pension scheme funding risks.The fund’s trustee entered into the longevity swap market in 2012 and, following the conversion to buy-in, Swiss Re will continue to cover the longevity risk by providing reinsurance to Phoenix Life, it said.As with a standard buy-in, the scheme added, the trustee will receive cash flows that match the benefits due to those members that had been covered by the longevity swap. Huw Evans, chair of the LV= pension fund and director of BESTrustees Limited, said: “This conversion is an important step in improving the security of all scheme member benefits as it removes substantial asset and market-related risks as well as longevity and other demographic risks associated with a significant group of members.”The LV= scheme said the longevity swap conversion allowed the trustee to “capture attractive buy-in pricing, benefitting from the asset-sourcing expertise of Phoenix Life”.LCP advised on the conversion deal, while CMS was appointed as transaction legal counsel and provided specialist legal advice to the trustee.Redington provided investment advice to the scheme on the asset transfer and rebalancing of the residual portfolio.“This conversion is an important step in improving the security of all scheme member benefits”Huw Evans, chair of the LV= pension fundConversions of longevity swaps into buy-ins are becoming increasingly common as pension schemes’ asset strategies mature, and funds decide to capture attractive buy-in pricing and better position themselves for full buy-out, said Myles Pink, partner at LCP.Since the conversion of the British Airways pension scheme longevity swap in 2018, there have been at least eight other similar conversions.“There are tips to be considered and pitfalls to avoid in ensuring the conversion is cost-effective,” Pink said.Carolyn Schuster-Woldan, managing director at Redington added that the price lock portfolio proved “robust” in volatile markets, and there were particular challenges with the transfer of bespoke derivative contracts and assets.“Our previous experience with similar transactions proved invaluable in helping the trustee fairly assess each insurer’s offer, keep transaction costs to a remarkably low level and to ultimately achieve an investment portfolio that is on track for the next stage of the journey.”The LV= buy-in covers 4,100 pensioners and 200 deferred members currently alive and covered by the longevity swap.To read the digital edition of IPE’s latest magazine click here.last_img read more

Wood sends troopers to shape wave and tidal energy standards

first_imgEngineering and technical services provider for energy market Wood has informed that four employees working within its clean business became committee members on the UK working group that provides input into the IEC marine energy committee.Joining the British Standards Institution (BSI) which informs the International Electrotechnical Commission (IEC) are Andy MacGillivray and Robert Clayton who will sit on the PEL/114 Marine energy – Wave, tidal and other water current converters committee.The group, which provides the UK input into the IEC/TC114, is responsible for the development of Standards in the field of Marine Energy – Wave and Tidal Energy Converters.Robert Clayton and Roisín Fahey will assist with the development of the IEC/TC 114/AHG 7 ‘Assessment of information received on IEC TS 62600-201 – Marine energy – Wave, tidal and other water current converters – Part 201: Tidal energy resource assessment and characterization’ technical specification.In addition to this, Katie Gracie-Orr will sit on the IEC Technical Committee 114, Ad-hoc group 4: ‘Assessment of information received on IEC TS 62600-200, Power performance assessment of electricity producing tidal energy converters.’This group assesses information received on IEC TS 62600-200, the technical specification defining an industry-standard methodology and reporting format for the power performance assessment of tidal energy devices.As part of their role as committee members, Andy, Robert, Roisín and Katie will be responsible for reviewing documents submitted to the committees, circulating new proposals and drafts for comment, as well as attending meetings with fellow committee members, according to Wood.Bob MacDonald, CEO of Wood’s Specialist Technical Solutions business, said: “We’re delighted that Andy, Robert, Roisín and Katie have been invited onto this committee to represent Wood. Not only is this a huge privilege but also a fantastic opportunity to help shape the future of wave and tidal energy standard development.”Tom Digby-Rogers, lead program manager for BSI and committee secretary for PEL/114, said: “Standards of good practice are drafted by an industry’s expert community. Their ability to support an industry grow and generate commercial opportunity is reliant on the strength of these standards, which is reliant on engagement from those who use them. It is extremely heartening and welcome to see this level of commitment to standardization from Wood.”The BSI is the UK National Standards Body responsible for overseeing the national standards making process and for nominating representatives from the UK on a number of European and International committees and working groups. Illustration (Photo: Wood)last_img read more

China’s Xi writes thank you note to Bill Gates for virus…

first_imgEarlier this month the Bill and MelindaGates Foundation committed up to $100 million for the global response to theoutbreak. (AFP) The outbreak of the new COVID-19 strainhas claimed 2,345 lives in mainland China and infected more than 76,000 people,with cases in more than 25 countries. BEIJING – Chinese President Xi Jinpinghas written a letter expressing thanks to the Bill & Melinda GatesFoundation for the organisation’s “generosity” and support tackling adeadly virus epidemic, state media said Saturday.last_img read more

Girl, 3, WV’s youngest COVID-19 patient; Region 6 records 8 new cases

first_imgPhilippine Army’s 303rd Infantry Brigade spokesperson, Major Franco Ver Lopez, said they received a resident that a farmer unearthed a fragmentation grenade in his rice field. * 69- year-old male (Patient No. 61) “This is a new record for the region,” according to Dr. May Ann Soliva-Sta. Lucia, head of the Department of Health (DOH) Region 6’s Health Promotion division. * 69-year-old male (Patient No. 39) ILOILO City – So far, Western Visayas’ youngest confirmed case of coronavirus disease 2019 (COVID-19) is a three-year-old girl from Pandan, Antique. Among the recoveries included one fragmentation grenade, a rifle grenade, a projectile grenade, and two fuse assemblies. There were reports that these four Arevalo cases came from same barangay as the region’s Patient No. 66 – a 48-year-old male also from Arevalo. It was unclear as this was being written if the girl was related to any of these patients. * Antique – 14 * Iloilo City – 13 * 48-year-old female from Arevalo, Iloilo City (Patient No. 80), facility quarantine * 56-year-old male (Patient No. 60) Meanwhile, 303IB commander, Army Colonel Inocencio Pasaporte, lauded the attentiveness of the local populace as mishandling explosives could have caused serious injuries and loss of life./PN BACOLOD City – A team of explosives and ordnance disposal experts from the military detonated five explosives yesterday in Barangay Busay, Bago City, Negros Occidental. People can catch COVID-19 from others who have the virus. The disease can spread from person to person through small droplets from the nose or mouth which are spread when a person with COVID-19 coughs or exhales. * 30-year-old female from Banga, Aklan (Patient No. 74), repatriate and facility quarantine BY MAE SINGUAY “It should analyze the extent of the spread within the barangay and identify possible interventions,” she said. * Negros Occidental – two * 68-year-old male (Patient No. 49) This Patient No. 75 is one of the eight new cases of the viral disease announced by DOH yesterday. * 43- year-old female from Arevalo, Iloilo City (Patient No. 78) facility quarantine * 28-year-old male (Patient No. 51) * Capiz – five Sta. Lucia said DOH-6 is leaving it to the city government to decide what to do next. Sta. Lucia said DOH-6 has also started gathering information (medical and travel history) about the four cases from Arevalo district. * 55-year-old female from Arevalo, Iloilo City (Patient No. 73), facility quarantine * 32-year-old male (Patient No. 50) Meanwhile, the seven other new cases in Western Visayas were the following: Here’s the breakdown of cases per area: Prior to the girl’s case, DOH-6 recorded six COVID-19 cases in Pandan. These were the following: Bago City police, several local officials, and local residents responded to the area and found more explosive devices. Region-wide, there are now 80 confirmed COVID-19 cases. Of these, eight are still hospitalized, eight on home quarantine and 23 on facility quarantine. Sta. Lucia said DOH-6 already started gathering information about this case. Thirty-one patients have so far recovered while 10 died. * 33-year-old female (Patient No. 52) * Repatriates – 13 (Aklan, one; Guimaras, one; Iloilo province, three; Negros Occidental, two; Iloilo City, six)/PN * 57-year-old female from Arevalo, Iloilo City (Patient No. 79) facility quarantine * Bacolod City – nine * 30-year-old male from Iloilo City Proper (Patient No. 77), repatriate and admitted Contact tracing has also been launched. * Aklan – six * 33-year-old-male from Dingle, Iloilo (Patient No. 76), repatriate and admitted How the little girl got infected with SARS-CoV-2, the virus that causes COVID-19, is yet to be determined. She is currently in isolation at a hospital. * Iloilo province – 18 Major John Joel Batusbatusan, Bago City police chief, then requested assistance from the 303IB’s Explosives and Ordnance Disposal Battalion to safely dispose of the items. Military detonates unexploded bombs in Bago City Personnel from the 1st platoon and 2nd company of the disposal battalion facilitated the process. These droplets also land on objects and surfaces around the person. Other people then catch COVID-19 by touching these objects or surfaces, then touching their eyes, nose or mouth.last_img read more

Jacobs’ 6-27 skittles Sri Lanka to give Windies A innings victory

first_imgFLORENCE HALL, Jamaica, (CMC) – Leg-spinner Damion Jacobs snatched a six-wicket haul to propel West Indies A to a crushing innings and 13-run victory over Sri Lanka A, on the final day of the opening four-day “Test” here Saturday.The 32-year-old finished with six for 27 as the visitors, following on by 152 runs, were dismissed cheaply for 139 in their second innings to fall 1-0 behind in the three-match series.Off-spinner Rahkeem Cornwall supported with three for 53 as Windies A ruthlessly disposed of the Sri Lankans in just three hours.Opener Sandun Weerakkody struck an aggressive 56 and partner Ron Chandragupta, 27, but once they both departed, the last nine wickets tumbled spectacularly for a mere 45 runs.Resuming the day at the Trelawny Multi-Purpose Stadium on 210 for seven, Sri Lanka lost their last three wickets for two runs in the space of 22 balls.Fast bowler Keon Joseph (3-33) and Cornwall (3-69) both ended with three wickets apiece while Jacobs (2-33) and left-arm pacer Sheldon Cottrell (2-41) claimed two wickets each.Sri Lanka A then started brightly with Weerakkody blasting nine fours in a 58-ball cameo as he put on a hasty 82 for the first wicket with Chandragupta.The introduction of the spinners halted Sri Lanka’s progress, however, as Jacobs and Cornwall grabbed two wickets apiece to leave them struggling on 98 for four at lunch.Their fortunes fail to improve after the break, as Jacobs ran through the middle order with the last six wickets going down for 41 runs.The second “Test” bowls off October 19 at the same venue.WEST INDIES A 1st Innings 364-8 decl.Sri Lanka A 1st innings(overnight 210 for seven)R Chandragupta c wkp Hamilton b Cottrell 11+S Weerakkody c Brooks b Joseph 0*D de Silva c Campbell b Jacobs 104C Asalanka c Ambris b Joseph 10D Shanaka c and b Cottrell 20W Hasaranga c Brooks b Cornwall 24S Jayasuriya c Jacobs b Cornwall 14C Karunaratne lbw b Jacobs 0M Pushpakumara c Ambris b Joseph 14L Kumara not out 0A Fernando st Hamilton b Cornwall 0Extras (b8, w1, nb6) 15TOTAL (all out, 56.4 overs) 212Fall of wickets: 1-1, 2-33, 3-73, 4-108, 5-171, 6-181, 7-181, 8-212, 9-212, 10-212.Bowling: Cottrell 13-2-41-2, Joseph 10-2-33-3, Leveridge 10-2-28-0, Cornwall 14.4-1-69-3, Jacobs 9-0-33-2.SRI LANKA A 2nd innings (following on)+S Weerakkody+ c (sub) Cariah b Cornwall 56R Chandragupta c Singh b Jacobs 27*D de Silva c Campbell b Jacobs 18C Asalanka c wkp Hamilton b Cornwall 0D Shanaka lbw b Jacobs 1S Jayasuriya lbw b Jacobs 18W Hasaranga c Campbell b Jacobs 7C Karunaratne run out 6M Pushpakumara b Jacobs 0L Kumara c Ambris b Cornwall 1A Fernando not out 0Extras (b2, nb3) 5TOTAL (all out, 44.2 overs) 139Fall of wickets: 1-82, 2-94, 3-96, 4-97, 5-116, 6-129, 7-136, 8-138, 9-139, 10-139.Bowling: Cottrell 5-0-29-0, Joseph 4-0-24-0, Leveridge 2.2-1-4-0, Cornwall 18-3-53-3, Jacobs 15-6-27-6.last_img read more

Day 2 at Royal Ascot.

first_imgPat Smullen will partner the 4-year-old in a top-class field for this year’s Prince of Wales Stakes.That Group 1 contest is the feature race today and goes to post at 4.20pm.The action begins with the Jersey Stakes at 2.30. Meanwhile, there’s action here at home in Wexford this evening where the first of an eight-race card goes to post at 5.30.last_img

BetGames.tv targets LATAM & Africa expansion with BestGoldBet live gaming partnership

first_img Golden Race continues LatAm expansion through Universal Soft May 26, 2020 Lithuania-based live gaming specialist BetGames.tv has announced that it has secured a new licensing agreement to distribute its live content portfolio to industry platform provider BestGoldBet.BestGoldBet is a developing market omni-channel gambling provider with an established presence in the LATAM, CIS and African betting markets.Moving forward, BetGames.tv will integrate its full portfolio of live table games and live lottery on BestGoldBet’s BGB platform, making its content available to regional B2B customers. BetGames.tv detailed that would make its most popular games available to BGB clients including ‘Bet on Poker’, ‘Bet on Baccarat’, ‘Wheel of Fortune’ and ‘Dice Duel’.Christian Maglia, Head of Sales for BetGames.tv, commented: “We are very excited for this partnership. BetGames.tv continues to work towards delivering a complete gaming experience and this latest initiative represents a key milestone in our strategy to expand in Africa and Latin America.”Domenico Lapesa, Chairman of BestGoldBet, said: “ We are happy to announce that the portfolio of BetGames.tv is now available on our platform DGB. Our objective reflects the best offer of the Real Casino and Live Games which will link directly to the markets of South America and Africa, in a short time. These games will also be active at a B2C level through Roombet.net, I’am convinced that the live games offering from BetGames.TV will amaze our clients.” Related Articles Share New Polish poker table in BetGames section for STS July 15, 2020 SBTech boosts platform offering with BetGames.TV deal April 14, 2020 Share Submit StumbleUponlast_img read more

49ers CB Richard Sherman wants to transition to safety by the end of his career

first_img“It’s definitely something that I’ve looked at,” Sherman said, via the San Francisco Chronicle. “And something that I’ve talked with (Charles Woodson) about.”The change in position has been done by the likes of nine-time Pro Bowl player Woodson, long-time Steeler Rod Woodson and Bart Starr Man of the Year Award recipient Aeneas Williams.  Related News “At safety … you can make an impact. You can find a way. You can get in on every tackle because you’re in the center of everything kind of like a (middle linebacker). But it’s something that I’m going to consider later in my career and hopefully, I’ll be just as good there.”Sherman has 24 total tackles, one sack, one fumble recovery and 10 passes defended through 10 games for the lowly 2-10 49ers. Each transition came toward the end of the players’ careers. Charles Woodson was 39 in his last season, Rod Woodson finished his final season at the age of 38 and Williams was 36.But for Sherman, he wants to make the change sooner than that.“I think 35 is probably my cutoff,” he added. “I don’t think I want to play … they’d have a hard time getting me out of bed at 35 to go play. I think I’ve got four or five more (years) in me.“At some point, everybody makes a transition to safety if you’re smart enough to play that game. And I’ll probably do that in a couple years — or whatever the team needs.”Sherman, who had surgeries on both Achilles in the last 13 months, has had to battled other issues related to one of his procedures. He has played in five straight games after missing two games earlier in the season with calf and heel problems. The four-time Pro Bowl player and Super Bowl 48 champion is looking to get more involved in the defense, as he sometimes doesn’t get targeted playing at corner.”(At) free safety you can see the whole field — you get to make an impact,” Sherman said. “You always see where the ball goes and at corner, I’ve had games where I haven’t gotten a look or thrown at. Niners cornerback Richard Sherman plans on sticking around the NFL for a few more years. However, he may be in a different position.On Thursday, Sherman, 30, talked about transitioning to safety — something he’s been thinking about for a while.  Pete Carroll: Richard Sherman ‘was a challenge … every bit worth it’last_img read more

Lakers lose, have one game left to avoid worst record in franchise history

first_imgLos Angeles, which has dropped seven of eight games, is already assured of having the second worst Western Conference record and fourth overall in the NBA.“With everything that’s happened this season, (the losing) is not stunning to me,” Scott said. “It’s been a tough season, record-wise, injury-wise, all that stuff. You just take it with a grain of salt and you get ready for the next one.”The victory snapped a three-game losing streak for the Kings, who outscored the Lakers 27-18 in the fourth period to avoid their ninth loss in 10 games.Derrick Williams scored a season-high 20 points for the Kings. Carl Landry added 14, Ray McCallum had 12. Jason Thompson added 10 points and 10 rebounds.The Kings had to shut down leading scorer and rebounder DeMarcus Cousins (right foot) and Rudy Gay (concussion) for the final three games of the regular season.It was another strong game for Casspi, who in the absence of Gay and Cousins has been an effective starter who has blossomed as a scorer. He has averaged 22 points in the past five games, including a career-high 31-point effort against Minnesota.“I’m happy for him (Casspi) because I think he was struggling when I came here,” Kings coach George Karl said. “He understands what we’re trying to do a little better than some other guys. His ability to get to the rim has been pretty impressive and I’d like to see him have more games with six assists, like tonight.”Jordan Clarkson scored 15 points of his 23 points in the second half and Jordan Hill had 18 for the Lakers, who only suited up nine players. Clarkson suffered a mild left ankle sprain in the final minute, but said he expects to play in Wednesdays’ game.Although Kings fans screamed “Beat L.A.” several times, there was little at stake for Sacramento, which was playing its final home game of a forgettable season.The Kings closed out the fourth quarter strong. Ahead by one point, they went on a 10-1 run to seal the victory. Evander Blue made a 3-pointer to pull the Lakers within a point, but Casspi and McCallum both made two free throws for a 93-88 Kings lead with 3:48 left. By Jeff WeidelThe Associated PressSACRAMENTO >> The Lakers are one loss away from the worst season in franchise history.Omri Casspi had 26 points, nine rebounds and six assists to help the Sacramento Kings beat the hapless Lakers 102-92 on Monday night. Los Angeles will have to win the rematch on Wednesday at home to avoid setting a team record for futility. The 1957-58 Minneapolis Lakers went 19-53 and had a .264 winning percentage. The current Lakers (21-60, .259 percentage) need a victory in their final game to avoid that distinction.“I didn’t know that (about the record),” said Jabari Brown, who had 18 points and seven assists. “Of course, no one wants to be a part of that.”That certainly includes Lakers coach Byron Scott, who was part of the glory days as a Laker when the team won three championships in the 1980s.`It doesn’t matter about records and all that stuff,” said Scott, who has watched injury after injury decimate what he thought could be a promising first season as Lakers coach. “I mean, when you step on the floor and put a uniform on — especially the purple and gold one — that’s enough incentive right there.”The Lakers will need a better effort to avoid a third straight loss to end the season. The Lakers shot 42 percent, missed 11 of 15 3-pointers, and sent the Kings to the free-throw line 36 times.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img

NFL trade rumors: Steelers close to dealing Antonio Brown

first_imgIt looks like the Steelers may actually be close to dealing Antonio Brown.According to the Pittsburgh Post-Gazette, the Steelers are near a trade of the wide receiver. To whom remains to be seen. The report says three teams could still be alive for the receiver. Again, who those teams are though is not clear.BREAKING: Steelers are close to a deal to trade Antonio Brown, per source.— Gerry Dulac (@gerrydulac) March 8, 2019Three teams “still alive” in the running for Antonio Brown, per source. Deal could be completed soon, tho.— Gerry Dulac (@gerrydulac) March 8, 2019This report comes after the infamous trade that wasn’t as a report emerged saying the Bills were close to acquiring the wide receiver early Friday morning, but the deal never came to pass. The Steelers reportedly told teams they wanted to get a deal done for Brown by Friday. Nothing is done yet, but it appears a deal may be close.This story will be updated. NFL trade rumors: Antonio Brown nixed trade to Bills, report sayscenter_img Related News NFL trade news: Steelers’ deal sending Antonio Brown to Bills falls throughlast_img read more