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Self-managed buy-in solutions

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What is the next stage in the evolution of your investment strategy towards your de-risking endgame?

Evolving your de-risking strategy to include longevity hedges, transitioning assets to be more cashflow aware and increasing the focus on a more diverse range of high-quality credit assets as funding levels improve can help you to reach your endgame with more certainty. We call this a self-managed buy-in (SMBI).

A self-managed buy-in: an efficient path to your endgame

While an insurance buy-in may be perceived to be beneficial, it can increase the target returns required from the remaining ‘free’ assets, make liability hedging more challenging and/or increase the expected timeframe for achieving a buy-out.

A SMBI approach may provide greater value for money than a conventional insurance buy-in, with similar characteristics but at a lower cost, and help to provide greater flexibility to deal with unexpected events which cannot be hedged.

Related materials:

An objective assessment of the impact of a buy-in: Make a more informed de-risking choice by considering a wider range of factors. Hamish Watson, UK HR Director at ScottishPower, also describes their de-risking journey.
Comparing buy-outs and buy-ins: Buy-outs and buy-ins differ fundamentally in three ways: their purpose, practicalities and potential investment impact. Consequently, the analysis you should conduct when considering them needs to be different.
Buy-in pricing not such a bargain: Market turmoil in early 2020 led to claims buy-in pricing was at the most attractive levels ever – but on a relative basis, buy-ins became much more expensive compared with a solution where a scheme invests directly in credit.

Helping you make a more informed de-risking decision

There is no single de-risking solution that is right for all schemes. We provide two short videos from Insight experts to help you consider the impact of a buy-in.

Financial solutions in numbers

2004 Insight launched its financial solutions capability

£681.1^bn in assets managed by our fixed income and financial solutions groups

£136.3^bn assets managed for cashflow-aware clients

As at 30 September 2020. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients. Assets managed by our fixed income and financial solutions groups include clients who have liability driven investment, fixed income and cashflow-aware strategies.

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Important information

The value of investments and any income from them will fluctuate and is not guaranteed (this may be partly due to exchange rate fluctuations). Investors may not get back the full amount invested. Past performance is not a guide to future performance.

Where the portfolio holds over 35% of its net asset value in securities of one governmental issuer, the value of the portfolio may be profoundly affected if one or more of these issuers fails to meet its obligations or suffers a ratings downgrade.

A credit default swap (CDS) provides a measure of protection against defaults of debt issuers but there is no assurance their use will be effective or will have the desired result.

The issuer of a debt security may not pay income or repay capital to the bondholder when due.

Derivatives may be used to generate returns as well as to reduce costs and/or the overall risk of the portfolio. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment.

Investments in emerging markets can be less liquid and riskier than more developed markets and difficulties in accounting, dealing, settlement and custody may arise. Investments in bonds are affected by interest rates and inflation trends which may affect the value of the portfolio.

Where high yield instruments are held, their low credit rating indicates a greater risk of default, which would affect the value of the portfolio.

The investment manager may invest in instruments which can be difficult to sell when markets are stressed.

Where leverage is used as part of the management of the portfolio through the use of swaps and other derivative instruments, this can increase the overall volatility. While leverage presents opportunities for increasing total returns, it has the effect of potentially increasing losses as well. Any event that adversely affects the value of an investment would be magnified to the extent that leverage is employed by the portfolio. Any losses would therefore be greater than if leverage were not employed.