Mark Wood in bulk annuity deal

Mark Wood in bulk annuity deal - The former head of Prudential's UK life assurance business has struck his first deal, taking on the assets and liabilities of the Cuthbert Heath Family Plan. [Financial Times - Financial Services]

......The transfers also mark what are believed to be the first deals for the specialist investors and insurance companies that have piled into the so-called bulk annuity market.

Also entering this market is Jonathan Bloomer, the Pru"™s former chief executive. He has received backing from US hedge fund Cerberus to take on the assets and liabilities of mature occupational pension schemes.

Isabel Hudson, a former Prudential executive, is also competing in this market.

They are joined by Edmund Truell, the founder of Duke Street Capital, who is backed by investors led by Christopher Flowers, the private equity investor. Goldman Sachs is setting up a life assurance subsidiary, while entrepreneur Hugh Osmond is also eyeing the market.

The UK arm of Aegon, the Netherlands-based insurer, recently entered the bulk-annuity market, while Aviva recently began quoting prices to companies looking to rid themselves of the risks of running their occupational pension schemes. American International Group, the world"™s biggest insurer, has entered the market, while Axa is considering it.