Reinsurance News

Legal & General

Legal & General chief executive Nigel Wilson to retire

30th January 2023

Life insurer Legal & General Group Plc has announced the planned retirement of Sir Nigel Wilson after over a decade as Chief Executive. The Group’s Board will now start the search to appoint Wilson’s successor; this process could take around a year, according to L&G. Wilson will continue as Chief Executive until ... Read the full article

L&G agrees £430mn buy-in with Tioxide Pensions Fund

24th January 2023

Legal & General Assurance Society Limited has agreed a £430 million buy-in with the Tioxide Pensions Fund. The transaction, which was agreed in November, secures the benefits of around 2,700 retirees and deferred members. The sponsoring company, Venator Group, is a leading global chemical company. Additionally, the Tioxide Pensions Fund is an existing ... Read the full article

Once again, UnitedHealth is the world’s largest insurer ranked by NPW

11th January 2023

Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article

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

20th December 2022

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

L&G launches reinsurer to target Canadian pension risk transfer

13th December 2022

The Bermuda-based reinsurance arm of Legal & General Group, Legal & General Reinsurance Company No. 2, has launched to target the Canadian pension risk transfer market and has been assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) by AM ... Read the full article

L&G Retirement America completes $145m pension risk transfer deal with Rolls-Royce

2nd December 2022

Legal & General Retirement America (LGRA) has completed a c.$145 million pension risk transfer (PRT) transaction with Rolls-Royce North America Inc. The deal, which closed in July, covered approximately 1,200 plan participants from the Retirement Plan for Rolls-Royce NA, and also came off the heels of LGRA’s largest H1 to date ... Read the full article

IFRS 17 adoption already impacting L&G operating profit: Berenberg

1st December 2022

A new note from analysts Berenberg says that next year’s adoption of IFRS 17 has led to Legal & General announcing a 20-25% reduction in its operating profit. The firm said that the incoming standard had led to a ‘dominance of annuities’ in Legal & General’s business model, becoming a key ... Read the full article

L&G agrees to £400m buy-in with pension scheme of TT Electronics

21st November 2022

Legal & General Assurance Society Limited has agreed to a £400 million buy-in with the TT Group (1993) Pension Scheme, securing the benefits of circa 5,000 retirees and deferred members. The sponsoring company, TT Electronics plc, is a global provider of design-led, advanced electronic technologies in aerospace and defence, healthcare and ... Read the full article

PRT business continues to perform in a growing global market: L&G

21st November 2022

In its latest market update, Legal & General Group (L&G) has reported that its global Pension Risk Transfer (PRT) business continues to perform strongly, as the firm secured new business wins in each the UK, US and Canada in the last few weeks. Year-to-date, Legal & General Retirement Institutional (LGRI) states ... Read the full article

US Pension Risk Transfer market expected to close $27 billion in Q3: LGRA

18th November 2022

Legal & General Retirement America (LGRA) has released its third quarter Pension Risk Transfer Monitor, reporting that it is expected to be the largest Q3 on record and the second largest in market history with $27 billion in transactions closing. LGRA notes that this year's Q3 is only second to 2012’s ... Read the full article

L&G transacts first Assured Payment Policy with a smaller pension scheme

28th October 2022

Legal & General Assurance Society Limited has announced that it has agreed and Assured Payment Policy (APP) transaction of around £10 million with Flour Milling and Baking Research Association Pension and Assurance Scheme marking its sixth APP transaction. The sponsoring company, Campden BRI, is a specialist advisory and research firm for ... Read the full article

L&G reports “limited economic impact” from UK financial volatility

4th October 2022

UK financial services group Legal & General (L&G) has reported “limited economic impact” to its business from the financial volatility in the UK over the past  few weeks, as well as from wider unstable macro conditions. Last week, the Bank of England took the unprecedented step of making “urgent” targeted purchases ... Read the full article

Legal & General announces changes to its pension risk transfer team

23rd September 2022

Legal & General Group’s (L&G) global Pension Risk Transfer (PRT) business has announced a number of changes to its Legal & General Retirement Institutional (LGRI) Division leadership team. Chris DeMarco has been appointed Strategic Accounts and New Markets after having led the UK PRT business for nearly six years and supported ... Read the full article

L&G’s PRT Monitor indicates continued momentum in H1

25th August 2022

Legal & General Group’s Global Pension Risk Transfer (PRT) businesses have released the latest edition of the Global PRT Monitor, which analyses industry trends and market outlooks in the UK and US. According to the Monitor, both markets reported a strong start to 2022, with the first half of the year ... Read the full article

L&G Re finds new COO in Karan Martin

23rd August 2022

The global reinsurance arm of Legal & General Group, L&G Re, has announced that Karan Martin has taken on the role of Chief Operating Officer (COO). Martin joins the company from Maryland where she was Chief Operating Officer at Legal & General America, responsible for supporting the growth of its term ... Read the full article