Top annuity firms turning to transitionals
Few UK annuity firms that can make use of the Solvency II matching adjustment were expected to apply to use transitional measures. Cuts and bruises on the path to regulatory approval have led many to change that view
Somewhere between a painkiller and a sticking plaster, the transitional measures have become the remedy to treat many wounds as Solvency II approaches in the UK. On the surface the measures are simple. They allow firms to transition from a Solvency I to a Solvency II balance sheet over 16 years, but in practice they are now being used to treat a complex array of problems.
Traditionally the transitional measures have been seen as one of the political compromises of Solvency II – of crucial
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