Reinsurance News

Legal & General

L&G completes £530m pension risk transfer for Siemens Benefits Scheme

19th August 2020

Legal & General today announced that it has completed a £530 million buy-in for the Siemens Benefits Scheme, a pension fund of the international company. The arrangement with the scheme will ensure benefits of more than 2,000 UK retirees will be secured. This buy-in marks the Scheme’s first Pension Risk Transfer transaction ... Read the full article

L&G completes ninth buy-in transaction with ICI Pension Fund

17th August 2020

Legal & General Assurance Society Limited has announced that it has completed a £70 million buy-in with the ICI Pension Fund (ICI). ICI will be taking advantage of favourable market conditions to secure the benefits of new retirees since its previous transaction with L&G in 2019. This will be ICI’s ninth transaction ... Read the full article

L&G expects pension risk transfer activity to continue apace

10th August 2020

Legal & General Retirement Institutional has announced that despite COVID-19, 2020 is expected to be the second largest year on record for the pension risk transfer (PRT) market. UK PRT is expected to transact £20bn to £25bn, which demonstrates the resilience of this marketplace. Since L&G’s market entry in 2015, their US ... Read the full article

Legal & General completes £100mn pension bulk annuity transaction

31st July 2020

Life insurer Legal & General announced that it has agreed a £100 million bulk annuity transaction with the Trustee of the Countrywide Farmers Retirement Benefits Scheme, securing the benefits of 360 deferred members and 712 retirees. The Scheme entered the Pension Protection Fund (PPF) assessment in March 2018 following the insolvency ... Read the full article

Legal & General America adds Dawn Boitnott as CUO

24th July 2020

Life insurer Legal & General America has appointed Dawn Boitnott as Chief Underwriter & Underwriting Transformation Officer. Boitnott will be leading LGA's strategic underwriting by managing its guidelines and policy, including managing the evaluation of emerging underwriting tools and data. She reports to Troy Thompson, senior vice president and chief actuary. Boitnott comes ... Read the full article

L&G completes £650mn buy-in with the 3i Group Pension Plan

27th May 2020

Legal & General (L&G) has continued its partnership with the 3i Group Pension Plan, completing a £650 million buy-in with the Trustees of the Plan. The latest agreement provides a policy which matches the benefits of roughly 280 pensioners and 570 deferred members. This deal follows on from the pensioner buy-ins undertaken ... Read the full article

L&G agrees to UK & US pension risk transfer deals with IHS Markit

13th May 2020

UK insurer Legal & General Group plc (L&G) has announced two pension risk transfer (PRT) transactions with IHS Markit, London–based global information provider. The deals include a UK transaction for £37.8 million ($46.7 million), covering around 150 members, and a US transaction for $97.2 million (£78.4 million), covering around 1,200 members. The ... Read the full article

L&G completes £261mn of pension risk transfer deals in March

2nd April 2020

UK insurer Legal & General Group plc (L&G) has revealed that its Pension Risk Transfer (PRT) division completed eight transactions over the past month, securing a combined £261 million of pensioners' benefits during uncertain times. The eight transactions cover UK and U.S. pension schemes and varied in size from as low ... Read the full article

Legal & General closes £1.1bn pension de-risking deal with AIB Group

13th February 2020

Legal & General has announced the completion of a pension de-risking transaction with Allied Irish Banks plc, consisting of an £850 million buy-in and a £250 million Assured Payment Policy (APP). Covering 1,300 pension scheme members, the deal makes use of a new solution developed by Legal & General, which it ... Read the full article

L&G Retirement America hits $1bn premium market in 2019

11th December 2019

Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has exceeded $1 billion in deals transacted in 2019. Since its formation in 2015, LGRA has written over $3.5 billion in total US volume, comprising $450 million in 2015, $448 million in ... Read the full article

Legal & General in £1.6bn pension buy-in with National Grid UK

26th November 2019

Legal & General Assurance Society Limited has entered into a £1.6 billion pension risk buy-in deal with the National Grid UK Pension Scheme (NGUKPS). The policy covers 6,000 pensioner members from Section B of the £20 billion defined benefit pension scheme, which is primarily for previous employees of the gas industry. This ... Read the full article

Legal & General completes £930mn pension buy-in with Tate & Lyle

19th September 2019

Legal & General Assurance Society Limited has announced the completion of a £930 million full buy-in for the members of the Tate & Lyle Pension Scheme. Tate & Lyle, a global provider of solutions and ingredients for food, beverage and industrial markets, previously entered a buy-in deal with Legal & General ... Read the full article

L&G announces £35m buyout of US law firm’s UK pension scheme

11th September 2019

Legal and General Assurance Society Limited has agreed a £35 million buyout for Edwards Wildman Palmer LLP’s UK pension scheme. The scheme was an existing Legal & General client through its partnership with Legal & General Investment Management’s fiduciary management team. L&G says it is one of the first schemes to have ... Read the full article

L&G in bulk annuity transaction with Hitachi Data Systems

15th August 2019

Legal & General has revealed the completion of a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan in the first half of 2019. The transaction covered around 120 members and was the third to be completed between the two, following buy-ins in 2012 and 2013. This latest transaction provides ... Read the full article

L&G announces over £6.6bn of bulk annuity transactions in H1 2019

9th August 2019

Legal & General (L&G) successfully completed more than £6.6 billion of global bulk annuity transactions in the first-half of 2019, with UK pension risk transfer business accounting for £6.3 billion of this total. The £6.6 billion figure is out of a publicly announced total market transaction level of £14 billion, which ... Read the full article