LONDON, Nov 24 Reuters Two British insurers on Friday struck deals to take on a combined 8.8 billion pounds 11 billion of company pension liabilities, including the largest such UK deal so far, as pension schemes strive to limit their risks in volatile markets.

Legal General said it had agreed a socalled full buyin to the Boots Pension Scheme worth 4.8 billion pounds, in what it said was the largest such deal in Britain by premium size.

Pension insurance specialist Rothesay, meanwhile, said it had concluded a 4 billion pound buyin with a section of the pension scheme sponsored by Cooperative group, whose businesses include food, funerals, insurance and legal services.

Also known as bulk annuity deals where trustees of pension schemes pay a premium for the insurers to assume some of the liabilities the agreements form part of what is set to be a record year for such transactions.

The market has been running at around 30 billion pounds a year in Britain, but consultants expect 2023 to top that.

Regulators have expressed concerns about the trend, with the Bank of England39;s Prudential Regulation Authority warning last week that life insurance companies involved in such business should limit exposure to reinsurers due to risk that those businesses sometimes based overseas run into trouble.

Insurers often sell on some liabilities to reinsurers.

Rising funding ratios for pension schemes are driving unprecedented demand, Legal General LG said, as funds scramble to…