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Prudential Wins $2.5 Billion Pension Deal With WestRock

  • Insurer sells annuity covering 35,000 retirees, beneficiaries
  • WestRock cuts U.S. pension obligations by 40% with transfer

Prudential Financial Inc. won a $2.5 billion pension-risk transfer deal with paper and packaging company WestRock Co., cementing the insurer’s status as the biggest player in the business of taking on retirement obligations for employers.

WestRock will purchase a group annuity that requires the insurer to take on responsibility for payments owed to 35,000 U.S retirees and their beneficiaries, the companies said Thursday in a statement.

Prudential in recent years has taken on commitments held by giant companies such as General Motors Co. and Verizon Communications Inc. The transactions give...