Reinsurance News
Legal & General
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
L&G Re develops blockchain reinsurance platform for pension risk transfer
12th June 2019
Legal & General Reinsurance (L&G Re), the global reinsurance hub of the Legal & General Group, has announced the launch of estua-re, the first pension risk transfer (PRT) reinsurance platform to be powered by blockchain technology. The platform is reportedly capable of driving every stage of the PRT reinsurance value chain, ... Read the full article
Legal & General enters £4.6bn bulk annuity deal with Rolls Royce
6th June 2019
Legal and General Assurance Society Limited has entered into a partial buy-in to buyout bulk annuity transaction with the Rolls-Royce UK Pension Fund (RRPF) worth £4.6 billion. The deal, which Legal & General claims is the largest UK bulk annuity transaction to date, will secure the benefits of around 33,000 in-payment ... Read the full article
Allianz in advanced talks to acquire L&G’s home insurance operation: Sky News
29th April 2019
Sky News has reported that global insurance giant Allianz is in advanced talks to purchase the home insurance business of Legal & General (L&G). According to reports, the British life insurance company's home insurance unit had been put up for sale last year, with Sky News reporting in December 2018 that ... Read the full article
Legal & General completes £95m buy-in with 3i Group Pension Plan
26th April 2019
Legal & General has announced the completion of a £95 million buy-in with the Trustees of the 3i Group Pension Plan. 3i is an international investment manager focused on mid-market private equity and infrastructure. The buy-in covers roughly 20% of the plan’s liabilities for pensions already in payment. Along with with the buy-in ... Read the full article
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