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Bulk annuity market set for expansion as Aviva returns, LV= looks to enter

first_imgSources close to the market confirmed to IPE Aviva’s intention to begin pricing single buy-in and buyout deals of up to £200m of liabilities.Any single deal of this size would outstrip the insurer’s total business for 2013.According to consultancy LCP, Aviva wrote £143m in bulk annuity business in 2013 and £187m in the year before.In the 2010-11 financial year, before its retreat from the market, the insurer wrote nearly £2bn in business.A statement from Aviva said the company was still working through the changes announced in the Budget.“Our business is generally targeting the smaller end of the market [up to £50m], but we will write larger business where there is a clear business case to do so,” it added.Two sources also detailed conversations with LV= regarding its entry into the bulk market, and the medically underwritten space.One source said: “LV= is looking at the market and spoken to people about offering bulk annuity deals.”A statement from LV= said: “We review our business regularly. We’re still looking at the fall-out from the Budget, and making sure we can still offer individual propositions that we think the market requires.”The move by the insurers is only the beginning of a trend according to several market commentators, in stark contrast to recent years, which saw Aviva scale back its writing, consolidation of Lucida into Legal & General, and a retreat from US insurer, MetLife.As economic conditions led to better pricing, business levels in the bulk annuity space reached record levels in 2013, with the current year expected reach £20bn, according to LCP.Improved scheme funding levels on the back of equities and rising yields have also led UK pension funds and sponsors to look at bulk annuity options for de-risking. General insurer, Aviva is expected to quadruple its limit on bulk annuity deals to £200m (€244m) as LV= is set to enter the market for the first time.Both moves come after the UK government scrapped the forced annuitisation of defined contribution (DC) pots, leading to fears of a drop-off in the individual market.Aviva in 2012 announced it would reduce its writing capacity in the bulk annuity market to £50m, having enjoyed 20% of the market (c.£2bn) in the previous two years.However, as last month’s Budget heralded a potential decline in individual annuity sales – by as much as three-quarters according to insurer Legal & General – Aviva and LV= have begun shifts into the potential £20bn a year bulk space.last_img read more


Women of Troy seek to snap four-game skid

first_imgAli Khosroshahin has been the USC women’s soccer coach since 2007. Already, they have dropped seven games this year, the most in Khosroshahin’s tenure and the most since they lost nine games in 2004.Leadership · Senior midfielder Samantha Johnson, who has recorded one goal and one assist this year, looks to help snap USC’s losing streak. – Jaideep Chadha | Daily TrojanThis weekend the Women of Troy (3-7, 0-1) face what could already be described as must-wins. USC hosts No. 19 Oregon State today and Oregon on Sunday. USC is 0-5 at McAlister Field this year, and the No. 19 Beavers (7-2-1, 1-0) will be the fourth ranked opponent the Women of Troy have faced.As has been the case all season, no matter the opponent, no matter the venue, Khosroshahin is focused exclusively on his team — and with good reason.“There’s a lot of talent in that group,” Khosroshahin said. “We have a lot of talent. Maybe if I didn’t think we had as much talent as our opponents I’d be more worried about them. But we can play with anyone and we’ve showed it.”Indeed, USC’s seven losses have been by a combined eight goals. USC’s most lopsided loss has been 3-1 to San Diego in the second game of the year. Of particular note, they have lost 2-1 to No. 23 Portland, 2-1 in overtime to then-No. 23 Texas and 1-0 to then-No. 4 Oklahoma State.“We’re a few bounces away from being 9-1,” Khosroshahin said. “I mean that Oklahoma State game says it all. We outplayed them. We outplayed the No. 2 team in the country [the Cowgirls have climbed to No. 2 in the rankings this week]. We just had one let down, they got one lucky bounce and that was it.”Last week against Washington State the Women of Troy nearly took a 2-0 lead when senior midfielder Carly Butcher rocketed a shot from the top of the penalty box that drilled the crossbar and bounced straight down. With the score still 1-0, the Cougars attempted a center pass that was poorly struck, but found its way through the mass of bodies in the penalty box, hit the post and bounced in.“We rip one off the bar and it comes out, and they just barely kiss one off the post and it bounces in,” Khosroshahin said. “We need some bounces.”But Khosroshahin is not making excuses.“We know what our problem is,” Khosroshahin said. “We can’t keep letting our guard down defensively. That’s the last place on the field we can make a mistake.”Defensively, the Women of Troy will have their hands full against Oregon State.The Beavers boast a balanced attack that features five players who have scored two or more goals this season.Junior forward Chelsea Buckland and sophomore forward Jenna Richardson lead the team in scoring with six and three goals, respectively.The Beavers’ defense is no slouch, either. Patrolling the net for Oregon State is senior goalkeeper Colleen Boyd. She recorded 14 shutouts last season. This year she has registered four shutouts and allowed just five goals in her eight appearances.To change things up a bit for this weekend’s play, Khosroshahin appointed senior forward Samantha Johnson and sophomore defender Autumn Altamirano as additional captains.Altamirano and Johnson will wear the captain’s bands for the first time against the Beavers Friday at 3 p.m.last_img read more