Bulk annuity pricing power to ‘see-saw’ between UK schemes, insurers

first_imgEmma Watkins, a partner at LCP, said: “After the first quarter of 2014, we thought there was a position where demand was starting to outstrip supply, and we could see a scenario where insurer pricing became less competitive.”The Budget announcement in March removed the need for individual DC savers to purchase annuities.This meant insurers with both retail and bulk annuity businesses shifted capacity to the bulk space over expectations that individual sales would plummet.“The see-saw levelled out again,” Watkins said, “and the competitive pricing seen at the end of 2013 and early 2014 continued.”The LCP report also highlighted potential growth in demand.Analysing 53 of the FTSE 100’s constituents, 10 company schemes were 80-100% funded, with six of those already insuring some longevity risk.The consultancy’s market expectations for 2017 predict the number of funded schemes will rise to 23, representing £125bn of longevity premiums for insurers to write.Watkins said, by the end of 2015, demand is likely to shape the dynamics of the market.“Insurers can easily write £10bn a year,” she said. “But if pushed, and given the sort of noises insurers are making about their appetite, there could be up to £15bn in capacity.”Watkins said, with insurer Legal & General looking to write £4bn-5bn a year and Prudential, Rothesay Life, Pension Insurance Corporation and Aviva around £2bn, the market has more potential than the expected £10bn.This is even before other annuity insurers enter the market to survive the post-Budget environment.In April, IPE revealed LV= was looking to enter the medically underwritten bulk annuity space due to falling sales in individual annuities.“But this would require demand to go up in the same fashion, and that will be dictated by market conditions [on funding levels and Gilt prices],” Watkins said.The LCP report also highlighted a growing trend for larger schemes to move away from longevity swaps and more towards insurance buy-ins.The consultancy said options were opening up to larger schemes, whereas transactions worth more than £1bn were previously limited to longevity swaps, due to the high cost of transactions for buy-ins.Watkins said the sophistication of insurers meant the cost of swapping assets had decreased, making a buy-in more attractive.This was shown by the £3.6bn buy-in arrangement for the ICI Pension Fund and the £1.6bn for the Total UK Pension Plan.However, she added that longevity swaps still made sense for the significantly larger schemes that were not looking towards buyouts in the near future.“If you are holding Gilts and corporate bonds to match pensioner members, investing in a longevity swap probably means you would have to re-risk your investment strategy,” she said. “For some schemes, they do not have the willingness or expertise to do that, so a buy-in makes more sense. But for a large sophisticated scheme, a longevity swap may make sense.”This was shown by the £16bn longevity deal organised by the BT Pension Scheme and Aviva’s pension fund.The UK bulk annuity market continued to grow as the CTL Engineering Pension Scheme wound up its liabilities with a £12m buyout.This followed deals by the Unilever and Panasonic pension schemes, as sponsors respond to favourable market conditions. The balance of power in the UK’s bulk annuity market will continue to shift between pension funds and insurers as meddling through market conditions and outside forces continues.LCP, a consultancy, published its seventh annual report on the longevity insurance market and said it expected annual transactions of £10bn (€13bn) in bulk annuities to become the new norm.The market in 2014 stormed ahead of previous levels and was close to reaching last year’s £7.5bn annual total by the end of June, backed by increasing demand and insurer appetite.LCP expected the balance of power to shift to insurers until reforms were made to the individual defined contribution (DC) market.last_img read more

DOH tracks cases of severe acute respiratory infection

first_imgThese symptoms are usually mild andbegin gradually. Some people become infected but don’t develop any symptoms anddon’t feel unwell. Most people (about 80 percnt) recover from the diseasewithout needing special treatment. “This kind of patients mostly neededfurther management of their respiratory problems,” said Alonsabe. DOH-6 Infection Disease Unit head Dr.Mary Jane Roches Juanico said tracking severe acute respiratory infection casesin Western Visayas would start in 15 to 17 medical facilities, mostlyprovincial hospitals and some private hospitals classified as level 2 and level3. More local transmissions were recordedsince Saturday. Yesterday, DOH said the number rose to 20 already. Manycountries around the world have seen cases of COVID-19 and several have seenoutbreaks. Authorities in China and some other countries have succeeded inslowing or stopping their outbreaks. However, the situation is unpredictable socheck regularly for the latest news. Some patients may have aches andpains, nasal congestion, runny nose, sore throat or diarrhea. Alonsabe stressed Western Visayasremained free from COVID-19 and the tracking of severe acute respiratoryinfection cases was not new; it was done, too, when the country faced with thethreat of Severe Acute Respiratory Syndrome (SARS) in 2003. That time, he said,cases of severe acute respiratory infection were traced to DOH’s sentinelhospitals. PROTECTIONMEASURES FOR EVERYONE Around one out of every six people whogets COVID-19 becomes seriously ill and develops difficulty breathing,according to WHO. DOH on Saturday raised the Code RedSublevel 1 Alert following its confirmation of the first case of local COVID-19transmission in Metro Manila. The patient was a 59-year-old woman, the wife ofthe 62-year-old man who first tested positive for COVID-19. *Regularly and thoroughly clean your hands with an alcohol-based hand rub orwash them with soap and water.Why? Washing your hands with soap and water or using alcohol-based hand rubkills viruses that may be on your hands. *Stay home if you feel unwell. If you have a fever, cough and difficultybreathing, seek medical attention and call in advance. Follow the directions ofyour local health authority.Why? National and local authorities will have the most up to date informationon the situation in your area. Calling in advance will allow your health careprovider to quickly direct you to the right health facility. This will alsoprotect you and help prevent spread of viruses and other infections. Once tracked, the patients would betested for the coronavirus disease 2019 (COVID-19), according to Dr. GlennAlonsabe, DOH Region 6 epidemiologist.center_img *Make sure you, and the people around you, follow good respiratory hygiene. Thismeans covering your mouth and nose with your bent elbow or tissue when youcough or sneeze. Then dispose of the used tissue immediately.Why? Droplets spread virus. By following good respiratory hygiene you protectthe people around you from viruses such as cold, flu and COVID-19. Older people, and those withunderlying medical problems like high blood pressure, heart problems ordiabetes, are more likely to develop serious illness. People with fever, coughand difficulty breathing should seek medical attention, stressed WHO. *Keep up to date on the latest COVID-19 hotspots (cities or local areas whereCOVID-19 is spreading widely). If possible, avoid traveling to places –especially if you are an older person or have diabetes, heart or lung disease.Why? You have a higher chance of catching COVID-19 in one of these areas./PN CodeRed, Sublevel 1 is a preemptive call to ensure national and local governmentand public and private healthcare providers can prepare for possible increasein suspected and confirmed cases. It means all hospital personnel arerequired to report for duty in their respective facilities to provide medicalservices.  Stayaware of the latest information on the COVID-19 outbreak, available on the WHOwebsite and through national and local public health authority. “Our level 2 and level 3 hospitals aredepartmentalized. They have the capability to really provide isolation areasand even intensive care,” said Juanico. *Maintain at least one meter (three feet) distance between yourself and anyone whois coughing or sneezing.Why? When someone coughs or sneezes they spray small liquid droplets from theirnose or mouth which may contain virus. If you are too close, you can breathe inthe droplets, including the COVID-19 virus if the person coughing has thedisease. *Avoid touching eyes, nose and mouth.Why? Hands touch many surfaces and can pick up viruses. Once contaminated,hands can transfer the virus to your eyes, nose or mouth. From there, the viruscan enter your body and can make you sick. Accordingto WHO, you can reduce your chances of being infected or spreading COVID-19 bytaking some simple precautions: According to the World HealthOrganization (WHO), the most common symptoms of COVID-19 are fever, tirednessand dry cough. ILOILO City – Now on Code Red Sublevel1 Alert, the Department of Health (DOH) is intensifying its tracking of severeacute respiratory infection cases in Western Visayas.last_img read more

Hesston Shaw

first_imgBOONE, Iowa – Hesston Shaw’s previous IMCA Speedway Motors Super Nationals fueled by Casey’s career highlight was starting on the pole for the Sunoco Race Fuels Race of Champions in 2016. He raced his way up to fourth by lap seven and to third before a series of cautions near midway. Sooner State speedster Hesston Shaw made history when he qualified for the Stock Car main event at the IMCA Speedway Motors Super Nationals fueled by Casey’s Thursday night. (IMCA Photo) Needless to say, the superlatives flowed following post-race tech.  “It was hard not to pay attention to the leader board,” said Shaw, who had tough customer Cayden Carter moving up from 16th starting behind him. “The longer the green flag runs were going, the better my car was.”center_img “I still can’t believe I did it. This is a huge deal,” said Shaw, who pretty much grew up at the track. “Making the show is a dream come true. I’ve got goose bumps just thinking about it.” Shaw, from Hennessey, became the first driver from Oklahoma to qualify for the Stock Car Big Dance when he ran third in his qualifying feature. The Longdale Speedway regular put the Baird Motorsports ride, a former Mike Nichols car purchased over the winter, in the show after starting eighth. He topped that and then some Thursday night.last_img read more

Paul Scott Mancarella

first_imgPaul Scott Mancarella, age 58 of Lawrenceburg, Indiana passed away on Monday September 30, 2019.  The son of John Orlando Mancarella Sr. and Donna Lyon (nee: Reed) was born on August 5, 1961 in Middletown, Connecticut.  He married Janet Benz on September 16, 1992 in Hamburg, Indiana.Paul was self-employed and worked as an Irrigation Specialist and in Outdoor Lighting.He is survived by his mother, Donna Lyon; Wife, Janet Mancarella; Children, John Orlando Mancarella, and Tabitha Jean Mancarella; Grandchildren, Khloe Parker and Zalay Hoeffer; Sisters, Debra Mancarella and Joanne MancarellaHe was preceded in death by his father John Orlando Mancarella Sr. and brother, John Orlando Mancarella Jr.A Celebration of Life will be held on Sunday, October 6, 2019 from 1:00 to 5:00 p.m. at the Yeager Benson Memorial American Legion Post 199 located at 10700 Campbell Road Harrison, Ohio 45030.Meyers Funeral Home is assisting the family.  Online condolences www.meyersfuneralhomes.com.last_img read more

Boxing mourns loss of `Bizzy’ Boyce

first_imgBy Michael DaSilvaThe local boxing fraternity is in a state of shock at the passing of top local boxing tactician Maurice `Bizzy’ Boyce,who passed away on Saturday, just four days after celebrating his 73rd birth anniversary.Boyce’s wife,Desiree,explained that her husband was ill for a while and on Monday last, family members took him to the hospital for treatment but he was not admitted. However, on Friday his condition worsened and he was taken back to the hospital and this time was admitted,but died the following morning.buckOn learning of Boyce’s death, his close friend and former boxing promoter, Keith `Buckallio’ Bazillio,expressed shock at the news stating that Guyana has suffered a great loss with Boyce’s passing.“Bizzy was not just a coach, he was always looking to see how best he can improve conditions for local boxers, he was always around to give advice to boxers and promoters and even those person who are charged with the administration of the sport locally” Bazillio stated.Bazillio added, “He (Boyce) was ill when the Guyana Boxing Board of Control (GBBC) staged its last card at the Giftland Office Max Complex a few weeks ago, but despite his illness, he found time to be there and was actually in the ring assisting in one of the corners…..it is really sad that he will not be around for the next local card or boxing in the future.”Bazillio recalled that Boyce was around with Andrew Murray when he won the Commonwealth title “and he (Boyce) was also around assisting wherever he could in ensuring local boxers are well prepared for making it to the top regionally and internationally” the former promoter pointed out.Bazillio recalled that Boyce was part of the technical team when Wayne `Big Truck’ Braithwaite won the world title in Italy,which was Guyana’s second world title after Andrew `Six Head’ Lewis had previously knocked out Greg page to win Guyana’s first world title.According to Bazillio, after Braithwaite’s achievement, Boyce said that Guyana is now pregnant with world champions, and “his word came to pass, because if you look at it…after `Big Truck’ won the world title, Gwendolyn O’Neil and Vivian Harris went on to win world titles….so his word came to pass…Bizzy will really be missed…this is really a sad loss for Guyana’s boxing”.Bazillio,who is a former light welterweight amateur boxer,extends his condolences to the wife, children and friends of Boyce,who had been been around local boxing for over 40 years with an input in the careers of almost all of Guyana’s top professional boxers.Among them, Michael Benjamin,for his first defence of the Continental of Americas title against Steve Lorrimer, Michael Reid, Kenny Bristol, Brian Muller, Albert Browne,as well as Anthony`The Pearl’ Andrews for his world title fight against Jorge Castro in the USA, and Joseph Murray for his FECABOX title fight.Boyce leaves to mourn his wife Desiree, two sons Jason and Rondell, many grandchildren and close friends.Chronicle Sport extends its heartfelt sympathy to Mrs.Boyce and her family in this period of mourning.last_img

ICC World Cup ICC Cricket World Cup 2019: New Zealand withstand Jadeja, Dhoni 50s to knock India out of tournament

first_img For all the Latest Sports News News, ICC World Cup News, Download News Nation Android and iOS Mobile Apps. New Delhi: Before the semi-final clash between India and New Zealand, many former commentators and cricketing analysts were congratulating Virat Kohli’s Indian cricket team. No one had given New Zealand a chance. In a rain-affected semi-final which saw it being played for two days, fortunes fluctuated. Ross Taylor and Kane Williamson slammed the fifties and New Zealand huffed and puffed their way to 239/8. Many cricketing analysts had slammed the nature of the Old Trafford wicket, with former Australia skipper Steve Waugh saying that a total of 240 was par. However, New Zealand has always punched above its weight in World Cups. Matt Henry took out Rohit Sharma for 1, denting his prospects of becoming the leading run-getter in an edition. Trent Boult got rid of Virat Kohli for 1 with an inswinger. India was reduced to 5/3. With Dinesh Karthik and KL Rahul falling cheaply, suddenly it seemed there was a match on the cards.Hardik Pandya and Rishabh Pant tried to steady the innings but they fell in the quest for quick runs. However, India still had MS Dhoni and Ravindra Jadeja. One had the power of finishing the innings while Ravindra Jadeja was already fired up by the ‘bits and pieces’ comment by former India player Sanjay Manjrekar. Both batsmen counter-attacked, Jadeja, in particular, smashing some big hits of the bowlers. Dhoni, on the other hand, focused on rotating the strike and taking the game deep. With 37 needed off 18, Boult got rid of Jadeja for 77. In the next over, Dhoni rekindled the 2011 World Cup heroics with a carved six over deep backward point.Martin Guptill, who had failed in the whole tournament, produced a moment of brilliance as Dhoni was run-out by a direct hit from backward square leg. New Zealand sealed the win in style with this 18-run win in the semi-final in Manchester and reached the final for the second consecutive time since 2015 when they had secured a similar thrilling win against South Africa in Auckland.On a tough wicket, New Zealand found the going difficult against the discipline of India’s bowlers, particularly Jasprit Bumrah and Bhuvneshwar Kumar. Guptill fell for 1 while Henry Nicholls steadied the ship with Williamson. After Nicholls’ departure, Ross Taylor joined Williamson and ensured New Zealand did not lose wickets. The rain intervened and despite the best efforts, the match was pushed to the reserve day. New Zealand managed to get some crucial hits and ended on 239/8. In response, Henry and Boult produced one of the best bowling spells in the tournament. Rohit Sharma, with 648 runs five centuries, was undone by a delivery that nipped away outside off and he fell for 1. Kohli was undone by the pace and swing of Boult and was trapped LBW for 1. The murmurs of the 2017 ICC Champions Trophy final grew. With KL Rahul falling to Henry and Dinesh Karthik falling to a superb one-handed catch from Neesham, India was in the doldrums.Hardik Pandya played a subdued knock while Pant showed his aggression. The left-hander was looking in good touch but once again, a rash shot when settled resulted in his dismissal and that drew furious reactions from Virat Kohli in the dressing room. With the asking rate mounting, Pandya top-edged the slog sweep off Mitchell Santner and he holed out to Williamson.Jadeja stepped up and broke the shackles by regularly finding the boundaries. He took the attack to the bowlers and revived the run-rate while Dhoni was content on playing second fiddle. When Jadeja reached his fifty, his sword celebrations were pointed towards the dressing room and he spread his arms to signify the hollowness of Manjrekar’s ‘bits and pieces’ comment which spurred him on. Jadeja and Dhoni’s partnership in the middle overs once again gave hope for India. With the partnership crossing 100 and with both having momentum, it seemed New Zealand was in pressure. However, the nature of the partnership was contrasting. While Jadeja found the boundary, Dhoni did not seem to press the accelerator to compliment Jadeja.However, Boult struck in his last over as Jadeja fell to the dot-ball pressure while the game was sealed when Guptill, having a poor run with the bat, produced the match-defining moment when he ran out Dhoni with the batsman just inches short. The mood of the Indian fans and the stadium was off considerable disappointment. It was a sad way for Dhoni to go out in what could be his last game in the World Cup. For New Zealand, they showed that punching above your weight and flying under the radar does have benefits. New Zealand has never lost to India in World Cups in England.Ravindra Jadeja scored his first fifty after five years.India has lost in the semi-final for the second consecutive time.center_img highlightslast_img read more

Staff: Syracuse splits pair over weekend

first_imgSyracuse (9-8) split a pair of matches on the road Friday and Saturday. The Orange defeated Connecticut (4-9, 0-3 Big East) Friday morning before falling to Harvard (8-4) Saturday afternoon. The loss ended a four-match winning streak.The Orange swept Friday’s match 7-0 behind Amanda Rodgers and Komal Safdar’s ninth straight doubles victory and Breanna Bachini’s 6-0, 6-0 singles win.But Syracuse failed to keep the momentum going into Saturday as Harvard defeated the Orange 6-1. The Crimson won the doubles point by taking 2-of-3 doubles matches. The Orange only took one of six singles matches, as Amanda Rodgers won 6-3, 6-4 on court one.The Orange will play on the road again this weekend when it travels to St. John’s on Saturday for an 11 a.m. match before visiting Rutgers on Sunday for a 10 a.m. match.-compiled by The Daily Orange Sports staff, sports@dailyorange.comAdvertisementThis is placeholder text Comments Published on April 1, 2013 at 2:38 am Facebook Twitter Google+last_img read more

Tough schedule to benefit Trojans

first_imgIn typical Trojan fashion, the USC men’s basketball team begins its season Friday against CSU Northridge with little to no fanfare.You can thank the Trojans’ No. 18 football team for most of the distraction, as its 7-2 record and recent play have captured the attention of many more people than those residing between Adams and Exposition Boulevards.The unexpected season-ending injury to star senior guard Jio Fontan earlier this year certainly doesn’t help either, as USC now stands without its key playmaker from last season.Throw in the Trojans’ most recent first-round exit in the NCAA tournament and the departure of towering forwards Nikola Vucevic and Alex Stepheson, and it’s not hard to see why the Nov. 11 date isn’t circled on most Trojan fans’ calendars.Though all of these factors have detracted from the build-up to USC’s upcoming season, the team still has a bit of an edge: its schedule.After hosting the Matadors, the Trojans will kick off a non-conference schedule guaranteed to get them noticed, if for no other reason than because of the high-caliber teams they are set to face.USC starts with Nebraska, which the Trojans narrowly lost 60-58 last season despite holding a 20-point lead late in the first half.The Cornhuskers barely missed the NCAA tournament a season ago, but do return four of five starters for 2011 and will certainly make a splash in their first season as members of the Big Ten.The Trojans then go on the road to begin one of their toughest non-conference stretches in recent memory, starting with reigning Mountain West champion and NCAA tournament two-seed San Diego State.The Aztecs, who have only lost twice at home in the last two seasons, are fresh off a 34-3 season in which they were upset in the Sweet 16 by eventual national champion Connecticut.After two home games to begin the Las Vegas Invitational, the Trojans will head to Las Vegas to face UNLV, who finished third in the Mountain West behind SDSU and BYU and also earned a NCAA tournament berth.And if that weren’t enough, a potential matchup with perennial-powerhouse and preseason No. 1 North Carolina looms large the next day, assuming USC can win a couple of games.And that’s just the first three weeks of the season.USC will travel to Minnesota to face a Gopher team quickly rising to national relevance, before hosting Georgia, TCU and eventually No. 13 Kansas at the Galen Center to close out the nonconference portion of its schedule.This certainly isn’t the best way to ease into a Pac-12 slate that features three top-25 teams in Arizona, California and UCLA, and a slew of others on the upswing, but a season chock-full of great matchups should not be a point of pessimism.“I’m of the mindset [that] you have to play people to get better,” USC coach Kevin O’Neill said after Wednesday’s practice. “You need to play games at a high level to get ready for conference play.”At the college level, perception matters, and the Trojans will get more than their share of opportunities to prove themselves on a stage that otherwise wouldn’t be available without nationally relevant opponents.If USC can manage to win a couple of these big nonconference games, much like it did last season with wins over Texas and Tennessee, the Trojans will make a strong case to potential recruits that Southern California is as much a place to succeed in basketball as it is football.Similarly, with some success, the team can back up recent efforts to bring in more fans to its games and begin to properly utilize the Galen Center as a loud arena that truly offers home-court advantage.It might seem backward, but with the team already at a disadvantage because of injuries, this season is the perfect time to take some risks and look to shake up the landscape of college basketball, especially on the West Coast.The Trojans have stayed relatively quiet since they were hit with self-imposed sanctions for the 2009-2010 season — Kevin O’Neill’s first with the program, but continuing to fly under the radar won’t help the Trojans bring in the future talent they need to succeed in the long run; proving they have some degree of staying ability, however, will.Rather than sink back into obscurity, the Trojans are much better served by challenging top teams across the country.After all, why shouldn’t they?In the long run, and just maybe in the immediate future, it should help the team progress.With seemingly everyone expecting a major falloff from the Trojans, there’s no better time to risk it all. “One-Two Punch” runs Tuesdays. To comment on this article, visit dailytrojan.com or email James at jbianchi@usc.edu.last_img read more

€500,000 allocated for Tipp’s GAA facilities

first_imgThe funds are part of a five year budgetary framework by the Munster Council and a financial package totalling €2.5 million for Tipperary, Clare, Limerick, Kerry and Waterford has been made available.  The newly appointed Tipp County Board Chairman, Michael Bourke, is hoping the money will go towards the players and the county’s GAA facilities. The Munster Council said once this five year cycle is up, they will reassess the financial situation and infrastructural requirements of the province and implement another five year budget.last_img

Mybet.Africa offers super odds for Bundesliga return

first_imgMybet.africa is celebrating the return of football by offering sports punters super odds for the Bundesliga match between Bayern Munich and Union Berlin on Sunday.The Bundesliga is the first European major league to return after the coronavirus lockdown and Mybet.Africa has decided to make its customers happy by boosting the odds of the match which many fancy reigning champions, Bayern to win.Mybet.Africa has offered Bayern a super odds of 2.50 to win the match. Initially the odds for a Bayern victory was 1.25, meaning there has been a 100% boost.The Bavarians were dominating the league with four clear points before the novel COVID-19 pandemic break.Bayern have kept four clean sheets in their last seven games and will be fresh from the COVID break to tighten their grips on top of the league table.However, Union Berlin, the surprise package of the season, have won games against top-level league standing teams Borussia Dortmund, Monchengladbach and Frankfurt and occupy the 11th position on the table. The Berliners could be a ton in the flesh of Bayern having a formidable home win record as they will be expected to fire on all cylinders if they have any chance against the champions, who beat them on Matchday 9.With the combined force of Robert Lewandowski, Serge Gnabey and Philippe Coutinho leading Bayern’s attack, Union Berlin defencemen will have a mountain to climb to stop Bayern from a resounding win.Place your bets now on the top roller-coaster match this Sunday with  a super odds boost of 2.50 for Bayern to win https://bit.ly/2WbDGYxlast_img read more