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L&G Retirement America closes year with over $2bn in PRT transactions

20th December 2022 - Author: Jack Willard

Legal & General Retirement America (LGRA), has hit a historic milestone by completing more than $2 billion in transactions in 2022.

Legal_&_GeneralThis includes the firm’s two largest deals to date at over $500 million each.

The company completed a total of 12 pension risk transfer (PRT) transactions throughout 2022.

In Q4 22 alone, the company secured five transactions which resulted in approximately $1.1 billion in premium – the largest quarter to date for the organisation.

Moreover, the US PRT market in general has achieved a landmark year with an estimated $53 billion in total market volume expected to close, therefore making 2022 the largest year on record for the PRT industry.

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George Palms, President, Legal & General Retirement America, said: “Not only has it been a historic year for the U.S. PRT market as a whole, but it has been a phenomenal year for us at LGRA. Since our inception in 2015, LGRA has been a hub of growth and innovation. I’m really proud of our team’s hard work, which has positioned us well for continued growth as the U.S. PRT market reaches new heights.”

Andrew Kail, CEO, Legal & General Retirement Institutional, added: “This achievement not only showcases Legal & General’s impact on the U.S. PRT market, but underscores our influence on a global scale. We’ve been on the frontlines of global market growth, and our deep expertise and the strength of the Legal & General Group has helped to drive milestones across the industry.”

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