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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

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

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