Reinsurance News

Legal & General

L&G inks two PRT deals with TUI pension trust

2nd June 2021

Legal & General has agreed two pension risk transfer (PRT) transactions with the TUI GROUP UK Pension Trust, including a £610 million partial buy-in for the BAL section and a £184 million full buy-in for the TAPS section. This deal marks the first PRT transaction between the two parties, with L&G ... Read the full article

Pension risk transfer activity bolsters L&G profits for 2020

11th March 2021

Life insurer Legal & General group saw its Legal & General Retirement Institutional arm write £7.6 billion of premiums across 44 transactions in 2020, compared to the £10.3 billion it achieved in 28 deals during 2019. Meanwhile, US Pension Risk Transfer new business premiums increased 42% to a record $1.6 billion, ... Read the full article

L&G agrees £570m buy-in transaction with Deutsche Bank pension scheme

16th February 2021

Life insurer Legal & General (L&G) has agreed a £570 million pensioner buy-in transaction with the DB (UK) Pension Scheme, which is sponsored by a subsidiary of Deutsche Bank AG. The buy-in represents the first step on the Scheme’s ... Read the full article

60 bulk annuity transactions inked by L&G in 2020

5th February 2021

In 2020 life insurer Legal & General agreed over 60 bulk annuity transactions, building a total value of over £8 billion ($11bn), whilst securing the pension benefits of more than 53,000 people globally. 2020 was one of the most successful years for its US and UK Pension Risk Transfer (PRT) businesses, ... Read the full article

S&P upgrades L&G Re to reflect reinsurer’s core status

4th February 2021

Since its formation in 2014, Legal & General Reinsurance Co. Ltd. (L&G Re) has become an essential part of the group's reinsurance strategy, leading S&P to upgrade the reinsurer to 'AA-' from 'A+' with a stable outlook. The reinsurance coverage provided by L&G Re to the other members of the Legal ... Read the full article

L&G agrees £400mn Assured Payment Policy de-risking transaction

26th January 2021

Legal & General has agreed a £400 million Assured Payment Policy (APP) transaction with the Legal & General Group UK Senior Pension Scheme. The de-risking transaction provides investment risk protection for the pensions of around 200 deferred members and 385 pensioner members. The deal was completed in December and follows Legal & ... Read the full article

L&G secures £544mn bulk annuity transaction with Evonik

19th January 2021

Legal & General has agreed a £544 million full buy-in of four pension schemes sponsored by Evonik UK Holdings. The deal secures the benefits of over 3,600 UK defined benefit pension scheme members and facilitates the merger of the four schemes as part of the de-risking process. L&G has an existing relationship ... Read the full article

L&G agrees £30mn bulk annuity deal with Marie Curie scheme

15th January 2021

Legal & General has agreed a £30 million full scheme bulk annuity transaction with the Marie Curie defined benefit pension scheme. The transaction was agreed early in January 2021 and secures the benefits of over 300 retirees and deferred pensioners. The scheme is an existing client of Legal & General Investment Management, ... Read the full article

MetLife inks four longevity reinsurance transactions with L&G

11th January 2021

Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, completed four UK longevity reinsurance transactions with Legal & General in 2020. The transactions will see Metropolitan Tower Life provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities. “Legal & General ... Read the full article

LGRA pension risk transfer deals top $1.6bn in 2020

22nd December 2020

Legal & General Retirement America (LGRA) has exceeded $1.6 billion in pension risk transfer deals transacted this year, resulting in year-over-year growth of more than 40% from 2019 to 2020. LGRA completed 17 transactions in total over the last 12 months with seven deals occurring in Q4 alone. These deals have ... Read the full article

L&G agrees £1.1bn bulk annuity deal with Maersk

17th December 2020

Legal & General has agreed a £1.1 billion bulk annuity transaction with the Trustee of the Maersk Retirement Benefit Scheme. This deal secures the benefits of around 1,900 deferred members and 3,000 retirees. In recent years the Trustee has taken a number of steps to de-risk the Scheme including fully hedging its ... Read the full article

L&G agrees £2.5bn bulk annuity transaction with BHS

4th November 2020

Legal & General has agreed a £2.5 million bulk annuity transaction with The BHS Senior Management Scheme, securing the remaining members’ benefits. British Home Stores went into administration in April 2016, resulting in a Pension Protection Fund (PPF) assessment period. This transaction has enabled the Scheme to exit the PPF’s assessment period, ... Read the full article

L&G Retirement America records $628mn of Q3 premium

16th October 2020

Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has recorded more than $628 million in premiums for the third quarter of 2020. The figure brings LGRA’s total amount of premiums written this year to nearly $1 billion. From July to September, ... Read the full article

L&G Re receives Fitch Ratings upgrade

8th October 2020

Legal & General Reinsurance has received an ‘A+’ to ‘AA-‘ upgrade to its Insurer Financial Strength from Fitch Ratings. AA ratings indicate a very low expectation of ceased or interrupted payments, and suggest a very strong capacity to meet policyholder and contractual obligations. This capacity is not especially vulnerable to foreseeable events. L&G Re's ... Read the full article

L&G in £275m buy-in transaction with Hitachi Pension Scheme

26th August 2020

Legal & General (L&G) has agreed a £275 million buy-in transaction with the Trustee of the Hitachi UK Pension Scheme. This is L&G’s first deal with the scheme, and covers the scheme’s remaining uninsured deferred members and retirees since the it underwent its first buy-in transaction with Scottish Widows in 2018. By ... Read the full article