M&G, with its Value Share BPA platform, has created a unique alternative to the traditional buy-in and has successfully completed a transaction using it.

The deal with a captive reinsurer was established so that the sponsor could participate in both the upside and downside of a buy-in transaction alongside M&G. This differs from previous captive insurance arrangements in that the deal had an excess of loss structure, which largely mitigates recapture risk.

The platform was launched after M&G identified a shift in mindset on the part of corporate sponsors seeking to unlock the value of the years of investment they've put into their schemes to benefit their employees.

The platform's unique structure, while offering trustees and scheme members security, makes M&G a worthy winner of this year's award.