Reinsurance News

Legal & General

L&G agrees £340m buy-in with Cable and Wireless Superannuation Fund

21st September 2023

Legal & General Assurance Society Limited has agreed a c.£340 million buy-in with the Cable and Wireless Superannuation Fund, securing the benefits of around 1,800 retirees and deferred members. According to Legal & General, the sponsoring company, Cable and Wireless Limited, is part of Liberty Latin America, a provider of telecommunications ... Read the full article

Record UK and US PRT transaction volumes in H1: L&G

24th August 2023

Rising pension funding ratios drive unprecedented demand in the Pension Risk Transfer (PRT) market, with record transactions in the first half of 2023 in the US and UK, according to a recent report by Legal & General. The latest edition of the Global PRT Monitor revealed that the UK has experienced ... Read the full article

L&G reports £942m operating profit in H1 2023

16th August 2023

Legal & General (L&G) has announced a “resilient financial performance” in the first half of 2023, with operating profit and after-tax profit hitting £941 million and £316 million respectively. These figures compare to H1 2022 operating profit and after-tax profit of £958 million and £575 million respectively. “We remain on track to ... Read the full article

Legal & General Retirement reports £6.8bn of PRT year-to-date

6th July 2023

Legal & General Retirement Institutional (LGRI), the UK bulk annuity division of Legal & General, has made strong progress in multiple sectors, including Pension Risk Transfer (PRT), individual annuities, and US protection, transacting £6.8 billion of PRT year-to-date and experiencing a notable rise in pension schemes approaching the insurance market. Alongside ... Read the full article

Legal & General names António Simões Group Chief Executive Officer

16th June 2023

Joining from Banco Santander, António Simões has been named Group Chief Executive Officer of Legal & General, subject to regulatory approval. According to the announcement, his appointment follows a rigorous, global, selection process managed by Sir John Kingman, Group Chair. Simões will succeed Sir Nigel Wilson as Group CEO. Sir Nigel has ... Read the full article

Legal & General Reinsurance names Joslyn Operations Accountant

14th June 2023

Bermuda-based Legal & General Reinsurance has announced the appointment of Kimberley Joslyn to the role of Operations Accountant. She joins L&G from Freisenbruch, an insurance company also based in Bermuda, where she worked for almost six years as a Financial controller. Prior to that, Joslyn spent close to 11 years at Bermuda ... Read the full article

Legal & General Reinsurance appoints Foulger as new independent board member

5th June 2023

Caroline Foulger, former Partner of PwC Bermuda, has been appointed as Independent Board and Committee Member for Legal & General’s Bermuda based reinsurance company, Legal & General Reinsurance. She replaces Derek Stapley who is stepping down in April after a maximum nine years’ service. Foulger is a non-executive director with extensive experience ... Read the full article

L&G announces final £2.7bn buy-in with the British Steel Pension Scheme

18th May 2023

Legal & General has announced a £2.7 billion buy-in with the British Steel Pension Scheme, its final step to fully insure the £7.5 billion scheme which includes the benefits of 67,000 retired and deferred members. This is the fourth and final bulk annuity transaction between BSPS and L&G, which follows a ... Read the full article

L&G and Lifetri announce Dutch Pension Risk Transfer Initiative

20th March 2023

Legal & General (L&G) and Lifetri have announced plans to enter into a long-term strategic relationship, under which L&G will support Lifetri, as it expands to write further Dutch pension risk transfer (PRT) business for defined benefit arrangements. The agreement is subject to regulatory review. Currently the Netherlands is in the process ... Read the full article

L&G sees operating profit rise 12% to £2.5bn amid strong year for PRT business

8th March 2023

Legal & General has reported strong results for 2022, seeing operating profit rise 12% to £2.5bn, with an estimated Solvency II coverage ratio of 236%. Earning per share (EPS) also increased 12% from the previous year to 38.33p, while return on equity stood at 20.7%. L&G estimates that as of March 3rd, ... Read the full article

Legal & General chief executive Nigel Wilson to retire

30th January 2023

Life insurer Legal & General Group Plc has announced the planned retirement of Sir Nigel Wilson after over a decade as Chief Executive. The Group’s Board will now start the search to appoint Wilson’s successor; this process could take around a year, according to L&G. Wilson will continue as Chief Executive until ... Read the full article

L&G agrees £430mn buy-in with Tioxide Pensions Fund

24th January 2023

Legal & General Assurance Society Limited has agreed a £430 million buy-in with the Tioxide Pensions Fund. The transaction, which was agreed in November, secures the benefits of around 2,700 retirees and deferred members. The sponsoring company, Venator Group, is a leading global chemical company. Additionally, the Tioxide Pensions Fund is an existing ... Read the full article

Once again, UnitedHealth is the world’s largest insurer ranked by NPW

11th January 2023

Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article

L&G Retirement America closes year with over $2bn in PRT transactions

20th December 2022

Legal & General Retirement America (LGRA), has hit a historic milestone by completing more than $2 billion in transactions in 2022. This includes the firm’s two largest deals to date at over $500 million each. The company completed a total of 12 pension risk transfer (PRT) transactions throughout 2022. In Q4 22 alone, ... Read the full article

L&G launches reinsurer to target Canadian pension risk transfer

13th December 2022

The Bermuda-based reinsurance arm of Legal & General Group, Legal & General Reinsurance Company No. 2, has launched to target the Canadian pension risk transfer market and has been assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) by AM ... Read the full article