Reinsurance News
Legal & General
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
L&G in £4.4m pension buy-in with TEPS
12th May 2022
Legal & General Assurance Society Limited (L&G) has agreed a £4.4 million full-scheme buy-in with the Trans-European Port Services Limited (TEPS) 1974 Pension Scheme, securing the benefits for six pension scheme members. The transaction follows on from a c.£17m full scheme buy-in between L&G and the John Good & Sons Limited ... Read the full article
L&G enter £225m buy-in with Newell Rubbermaid pension scheme
11th March 2022
Legal & General Assurance Society has agreed a £225 million buy-in with the Combined Newell and Record Section of the Newell Rubbermaid UK Pension Scheme (the scheme), securing the benefits of more than 800 retirees and 900 deferred members. The sponsoring company Newell Brands is a global consumer goods company with ... Read the full article
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
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