Pension Insurance Corporation, a UK insurer that specialises in taking on closed company pension funds, has garnered another £1.6bn of assets in an unusual transaction.

In 2014, the Merchant Navy Officers’ Pension Fund, a £3.2bn closed scheme for the UK shipping industry, signed a then-innovative deal with Pacific Re to insure £1.5bn of its portfolio against the risk that its pensioners would live longer than it was expecting them to.