SS2/25: Prudential considerations for insurance and reinsurance undertakings when transferring risk to Special Purpose Vehicles

First published 24 July 2025

This supervisory statement (SS) sets out the Prudential Regulation Authority’s (PRA’s) expectations in respect of the transfer of risk by firms to Special Purpose Vehicles (SPVs).

This SS is relevant to insurers and reinsurers transferring such risks to SPVs. It is also relevant to parties who wish to apply for or have obtained authorisation as a UK Insurance Special Purpose Vehicle (UK ISPV).

Current version

Published on 19 December 2025

• Supervisory statement SS2/25: Prudential considerations for insurance and reinsurance undertakings when transferring risk to Special Purpose Vehicles – December 2025 (pdf)

- Following LIAF03/25: December 2025 – finalising LIAC02/25 and minor updates and corrections made without further consultation