Reinsurance News
Legal & General
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
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