A highly complex US pension risk transfer (PRT) that was completed under an exceptionally compressed timeframe and known as 'Project Bolt' has brought Nationwide the pension risk transfer (PRT) deal of the year award.

It was a deal that saw the plan sponsor requiring a single, integrated solution for all participants, including 50-state issuance capability and administration that could seamlessly support Puerto Rico benefits alongside US states. The plan sponsor also preferred a one-carrier and one-administrative solution, and needed the transfer begun in October and completed by the end of the year.

To participate in the transaction, Nationwide PRT needed to combine speed coupled with rapid coordination across legal, operations, matrix partners, and the broker to bring this product to life quickly. This massive effort allowed Nationwide to join Project Bolt with what was named the best product among the competition by the client.

The transaction was managed through an accelerated model. Nationwide established a single point of coordination across legal, operations and administration, with daily progress checkpoints and clearly defined escalation paths.

The deal closed on schedule, with the process taking eight-to-ten weeks from initial broker outreach to close.