Reinsurance News
Legal & General
Ranked by 2023 NPW, health carriers again dominate list of world’s largest insurers
3rd January 2025
In terms of net premiums written (NPW), health insurance companies continued to dominate in 2023 as four out of the top five were US-based health insurers, with UnitedHealth Group holding on to the top spot for the 10th year in a row with NPW growth of 13%. Our ranking of ... Read the full article
AM Best upgrades L&G Re’s financial strength ratings
27th December 2024
Ratings agency AM Best has upgraded Legal & General Reinsurance Company No. 2 Limited’s (Bermuda) Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “a” (Excellent). Concurrently, the firm has also affirmed the Long-Term ICR of “a” (Excellent) ... Read the full article
L&G posts £10bn in bulk annuity volumes for Institutional Retirement division
10th December 2024
Legal and General Plc (L&G) has revealed that its shares have climbed higher after the organisation posted an update on its Institutional Retirement division, which specialises in bulk annuities. The company has reaffirmed its solid outlook for the division, reporting bulk annuity volumes of £10 billion year to date, with exclusive ... Read the full article
Legal & General completes record $2.2bn in US PRT business in 2024
22nd November 2024
Legal & General has completed a record $2.2 billion in Pension Risk Transfer (PRT) business in the US in 2024, marking its largest year in the market to date. Having entered the US PRT market nine years ago, Legal & General completed its first transaction with Royal Philips in 2015. Since ... Read the full article
L&G completes £34m buy-in with Walkers Shortbread retirement scheme
14th November 2024
UK insurer Legal & General Assurance Society Limited has announced the completion of a £34 million buy-in with the Walkers Shortbread Limited Retirement Benefits Scheme (the Scheme), securing benefits for 161 retirees and 238 deferred members. Walkers Shortbread Ltd., a Scottish producer of shortbread, biscuits, cakes, and oatcakes, is the sponsoring ... Read the full article
UK & US PRT markets expected to exceed £250bn in three years: Legal & General
6th September 2024
The UK and US Pension Risk Transfer (PRT) markets are experiencing exceptionally strong demand, with insurers expected to secure over £250 billion in combined volumes over the next three years, according to Legal & General. The latest edition of Legal & General’s PRT monitor revealed a surge in large pension plans ... Read the full article
L&G sees core operating profit of £849m in H1’24, expects it to grow by mid-single digits y-o-y
7th August 2024
Legal & General reports a “stable operating performance” in the first half of 2024, with core operating profit of £849 million slightly ahead of the £844 million reported in the same period the year prior. Profit after tax stood at £223 million in H1 2024, which compares to the £377 million ... Read the full article
Legal & General completes £1.1bn buy-in with the SCA UK Pension Plan
1st August 2024
UK insurer Legal & General Assurance Society Limited has announced the completion of a £1.1 billion buy-in with the SCA UK Pension Plan, securing the benefits of 5,900 retirees and 3,600 deferred members. Essity Holding UK Limited, part of the Essity group, is the sponsoring company. After evaluating various insurers, the ... Read the full article
L&G completes £21m buy-in with Leprosy Mission Central Pension Scheme
4th July 2024
Legal & General Assurance Society Limited has completed a £21 million buy-in with The Leprosy Mission Central Pension Scheme, insuring the benefits of 197 retirees and 88 deferred members. The Scheme has reportedly been a client of Legal & General Investment Management (LGIM) for six years, which has helped facilitate a ... Read the full article
Bloomberg reports UK insurance market upheaval with Allianz and AXA rate increases
27th June 2024
The insurance market in the UK is experiencing significant upheaval as Allianz and AXA, two global insurers, implement substantial rate hikes, according to a recent report by Bloomberg Intelligence (BI), a provider of financial analysis and research. Compared to other European markets, the price increases for personal lines in the UK ... Read the full article
Contship Containerlines agrees £25m full scheme buy-in with L&G
24th June 2024
The Trustees of the Contship Containerlines Limited 1979 Pension Scheme have agreed to a c. £25 million full scheme buy-in with L&G, meaning that the benefits for all the scheme’s members are now insured. The transaction was agreed in June of 2024 and covers c. 150 members. Barnett Waddingham reportedly acted ... Read the full article
Legal & General finalises Nortel pension buyout
28th May 2024
UK insurer Legal & General Assurance Society Limited has successfully completed a buyout with the Nortel Networks UK Pension Plan, which belonged to the now-bankrupt telecommunications company Nortel Networks. This latest agreement secures the benefits for the remaining Plan members, involving an initial premium of £14 million and an additional £6 ... Read the full article
US PRT market sees largest opening quarter on record: Legal & General
24th May 2024
As per Legal & General's Pension Risk Transfer (PRT) Monitor, 2024 has started strong for the US PRT market, with Q1 closing at an estimated $15 billion, the largest opening quarter on record. According to the firm, Q1 2024 significantly outperformed the previous record of $6.3 billion, which was set in ... Read the full article
Legal & General completes £900mn buy-in with ICI Pension
22nd May 2024
Legal & General Assurance Society Limited has completed an approximately £900 million buy-in with the ICI Pension Fund, securing the benefits of over 7,000 retirees. This announcement marks the 12th transaction since the ICI Pension entered into an umbrella agreement with Legal & General in 2014, which to date, has completed ... Read the full article
L&G reports £1.67bn operating profit in FY23
6th March 2024
Legal & General (L&G) has posted their full-year results for 2023, which included an operating profit of £1.67 billion, a slight increase from the previous year's £1.63 billion. Post-tax profit meanwhile decreased more than 40% to £457 million, down from 2022's £783 million, on the back of a slump in investment ... Read the full article
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