Reinsurance News

Legal & General

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

LGRA secures $735mn in new transactions in Q2 2022

16th August 2022

Legal & General Retirement America (LGRA) closed $735 million in pension risk transfer transactions in Q2 2022, marking the largest quarter to date for the organisation. From April through June, the firm closed four transactions to secure coverage for approximately 5,000 plan participants. The $735 million volume – which exclusively covers US ... Read the full article

L&G sees improved operating profit in H1 2022

9th August 2022

Life insurer Legal & General Group (L&G) has reported an operating profit of £1.16 billion for H1 2022, an 8% increase from £1.07 billion from the same period last year. L&G’s UK PRT business, delivered operating profit growth of 7% to £560 million in H122, compared to £525 million from H121. At ... Read the full article

L&G release latest results, says H1 2022 a ‘good start’ to the year

7th July 2022

Legal & General is reporting that it has seen a ‘good start’ to this year, with operating performance in line with its expectations. In a statement, the firm said it expected to deliver double-digit growth in cash and capital generation in the first six months. The firm said its institutional retirement segment ... Read the full article

Legal & General completes £21m pension buy-in with Barnett & Hall

23rd June 2022

Legal & General Assurance Society Limited has completed a £21 million full-scheme buy-in with Barnett & Hall Holdings Pension Scheme. The deal secures benefits for around 110 pension scheme members, of which 105 are non-pensioner members. BHH Limited is a subsidiary of W&R Barnett Limited, which is a fourth-generation family business established ... Read the full article

U.S. PRT market on course for “strongest half-year in 2022” – L&G

13th May 2022

The US pension risk transfer (PRT) market had its largest quarter in Q1 2022 with an estimated volume of $5.5bn, according to the latest Pension Risk Transfer Monitor from Legal & General. The insurer said that the first three months of 2020 and 2021 saw volumes of $4.5bn and $3.8bn. This, ... Read the full article