Pension Insurance Corporation has secured a pension insurance buy-in with the trustee of the Fremantle Group Pension Plan covering around £47m of pensioner and deferred liabilities.

FremantleMedia is one of the largest creators, producers and distributors of television brands in the world. The company was advised by KPMG for the buy-in deal.

FremantleMedia group finance director Mark Riddleston said “the buy-in is the next stage in the de-risking plan”.

“From the company’s perspective, locking down risk and removing volatility was key, whilst also making sure that members benefited from the enhanced security for their pensions afforded by the insurance regime”.

PIC actuary Uzma Nazir said further transactions involving deferreds as well as pensioners in 2014 are expected “if market conditions remain as they are or improve”.

PIC wrote a higher value of buy-in and buyout transactions in 2013 than an insurer has ever written in a 12-month period, according to its annual results.

PIC added £3.7bn in assets under management over the course of the year.At the time of the results, PIC had £9.4bn in assets under management, up from £6.2bn in 2012.

By the end of December 2013 the firm was insuring almost 100,000 pension scheme members.

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