Reinsurance News
Legal & General
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
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