Reinsurance News

Legal & General

L&G reports “strong year” for pension deals

9th March 2022

Life insurer Legal & General Group (L&G) has reported its results for 2021, with subsidiaries Legal & General Retirement Institutional (LGRI) and Legal & General Retirement America (LGRA) experiencing a “strong year,” the company says. L&G continued to maintain its position in the global pension risk transfer (PRT) market, securing a ... Read the full article

Legal & General agrees £11m pension buyout

22nd February 2022

Legal & General has agreed to an £11m buyout transaction with the Cornish Mutual Assurance Company Limited Staff Pension Scheme. The buyout involves the benefits of more than 70 pension scheme members. An existing relationship between the two started in 2015 when Legal & General Investment Management become the scheme’s asset ... Read the full article

L&G agrees buy-in with Heathrow Airport pension scheme

10th February 2022

Legal & General has agreed a buy-in with Heathrow’s BAA Pension Scheme for around £370m. The buy-in represents the Scheme’s second Pension Risk Transfer (PRT) transaction with Legal & General, following a £325m buy-in in 2018 covering 1,300 retirees. Legal & General has now secured the benefits of nearly 3,000 members ... Read the full article

Pension risk transfer market set to accelerate after record H2: L&G

8th February 2022

Analysts at Legal & General are expecting momentum in the global pension risk transfer (PRT) market to continue into 2022, following another strong half-year period for the sector, particularly in the US where potential transaction volume records were set. L&G’s Global PRT Monitor reported a strong second half of 2021 for ... Read the full article

Legal & General completes £75m pension bulk annuity transaction

28th January 2022

Legal & General has agreed a bulk annuity transaction for the Triplex Lloyd Final Salary Plan. The transaction, valued at around £75m, will secure benefits for around 300 deferred members and 800 retirees, the insurer said in a statement. Adrian Somerfield, director of Legal & General Retirement Institutional, said: “Working with the ... Read the full article

L&G names Andrew Kail as CEO of PRT division

7th January 2022

Legal & General (L&G) has today announced the appointment of Andrew Kail as Chief Executive Officer (CEO) of Legal & General Retirement Institutional, the group's pension risk transfer (PRT) arm, effective January 1st, 2022. Kail takes over as CEO of the division from Laura Mason, who has transitioned to CEO of ... Read the full article

L&G enters £650mn buy-in with Mitchells & Butlers pension plan

22nd December 2021

Legal & General (L&G) has agreed a £650 million full scheme buy-in with the Mitchells & Butlers Executive Pension Plan, securing the benefits for all plan members. This announcement marks the Plan’s first pension risk transfer transaction after two years of preparation and price monitoring. The plan is an existing client of ... Read the full article

L&G in £49m pension buy-in with Triumph International

17th December 2021

Legal & General Assurance Society Limited (L&G) has agreed a £49 million full-scheme buy-in transaction with the Triumph International Pension Scheme, covering around 140 deferred and 210 retired members. The sponsoring company, Triumph International Limited designs and distributes women's and men's underwear, leisurewear and sportswear. Legal & General agreed to lock the ... Read the full article

Legal & General agrees £760mn buy-in with Sanofi Pension Scheme

12th October 2021

Legal & General has agreed a £760 million buy-in with the Sanofi Pension Scheme, securing the benefits of 2,900 retirees. The transaction represents the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General, after being a long-term asset management client. The Trustee was advised on the transaction by Aon and ... Read the full article

Legal & General enters £250m buy-in transaction with Selecta UK Pension Plan

22nd September 2021

Legal & General has agreed a £250m buy-in transaction with the Selecta UK Pension Plan securing the benefit payments of approximately 1,000 pensioners and 1,000 deferred members. Selecta UK is Europe’s leading coffee and vending machine operator. The Plan has an existing relationship with Legal & General, having worked with Legal ... Read the full article

Pension risk transfer markets stabilise after pandemic pullback: L&G

10th August 2021

A new report from Legal & General shows a robust deal pipeline for the second half of the year for both the US and UK pension risk transfer (PRT) markets, following a pandemic-induced slowdown in 2020. The Legal & General Group’s global pension risk transfer businesses, Legal & General Retirement Institutional ... Read the full article

L&G Re names Amy Ellison as new CEO

5th July 2021

The global reinsurance arm of Legal & General Group, L&G Re, has announced the appointment of Amy Ellison as its new Chief Executive Officer (CEO), succeeding Thomas Olunloyo. Ellison moves to L&G Re from within the L&G Group, having joined in the UK in 2016. Most recently, she served as Finance ... Read the full article

L&G America names Thomas Olunloyo as Deputy CEO

29th June 2021

Thomas Olunloyo has been announced as the new Deputy Chief Executive Officer (CEO) of Legal & General America (LGA), reporting to Mark Holweger, President and CEO. Effective July 1st, 2021, Olunloyo takes on responsibility for leading and coordinating all aspects of the company's business associated with digital transformation and business ... Read the full article

L&G inks £130mn pension buy-in with QinetiQ scheme

17th June 2021

Legal & General has completed a £130m buy-in transaction with the QinetiQ pension scheme, covering the benefits for over 390 new retirees since a previous buy-in in April 2019. The deal marks the scheme’s first buy-in transaction with L&G and, as part of the agreement, an umbrella contract was established which ... Read the full article

L&G secures £17mn pension buy-in with John Good & Sons

10th June 2021

Legal & General has agreed a roughly £17 million full scheme buy-in transaction with John Good & Sons Limited Pension Scheme covering the benefits for over 80 pension scheme members. The scheme is an existing L&G client, with the trustee having appointed L&G Investment Management (LGIM) as its fund manager in ... Read the full article