(Bloomberg) -- MetLife Inc. and Massachusetts Mutual LifeInsurance Co. agreed to take on $1.6 billion in pension liabilities from PPGIndustries Inc., the maker of paints and coatings.

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The deal accounts for about 13,400 of PPG’s salaried andnon-union hourly retirees or their survivors who began receivingbenefit payments before April 2, Pittsburgh-based PPG said Mondayin a statement that didn’t disclose terms.

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Related: Borrowing to fundpensions

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The insurers will assume the obligation to make all futureannuity payments and administer the arrangements. Otherparticipants will remain in PPG’s pension plan.

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PPG joins companies including General Motors Co. and VerizonCommunications Inc., which have been seeking to offload pensionrisks that are pressured by low interest rates and a growingpossibility that beneficiaries may live longer than expected.

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Related: Mercer CEO advocates legislation for PBGCpremiums

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Insurance companies, which are already focused on overseeingrisks tied to life expectancies and huge bond portfolios, have beensnapping up the deals, which give them more assets to manage inexchange for taking on liabilities.

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“The agreement will transfer the payment administration andobligations to these high-rated insurance companies with a longhistory of efficiently providing group annuity benefits,” PPG saidin the statement. “This transfer is consistent with previous PPGactions to better manage the company’s pension process.” MassMutualhas an AA+ grade at S&P Global Ratings. New York-based MetLifehas an A- score.

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Prudential Financial Inc. has won some of the largestagreements, reaching multi-billion dollar risk transfers with GMand Verizon. MetLife Chief Executive Officer Steve Kandarian hasbeen wary of some of those massive deals, since the long-datedliabilities cannot be repriced, leaving little room for error onprice negotiations.

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