Reinsurance News

Legal & General

Legal & General completes £2.4bn Nortel pension buyout

9th October 2018

Legal & General has completed a £2.4 billion buyout of the Nortel Networks UK Pension Plan, covering approximately 15,500 pensioner members and around 7,200 deferred members. Nortel went into administration in 2009 and the plan entered a Pension Protection Fund (PPF) assessment period, where it has remained whilst worldwide litigation and ... Read the full article

Legal & General completes £4.4bn pension buy-in with British Airways

13th September 2018

Legal & General has completed a £4.4 billion buy-in for British Airways PLC’s pension scheme, Airways Pension Scheme (APS), in what it claims to be the largest ever bulk annuity policy arranged with a UK pension scheme. The transaction, which covers nearly 22,000 pensioners under British Airways’ APS scheme, also included ... Read the full article

L&G in £300mn longevity insurance deal, 100% reinsured by SCOR

22nd August 2018

Legal & General (L&G) has announced the completion of its first streamlined longevity transaction, covering approximately £300 million (US$387mn) of liabilities of an unnamed mid-tier pension scheme. The deal is L&G's first entry in the longevity insurance market for smaller schemes. According to L&G, to date, longevity swap deals have been ... Read the full article

Legal & General’s U.S Pension Risk Transfer business volume nears $2bn

3rd July 2018

Legal & General has announced that its Pension Risk Transfer (PRT) business has experienced continued growth since the company entered the U.S market less than three years ago, having written nearly $2 billion in total volume across 28 clients. The business has also amassed a global annuity book of nearly $80 ... Read the full article

Legal & General completes £325m Heathrow pension scheme buy-in

15th June 2018

Legal & General (L&G) has completed a £325 million buy-in to Heathrow’s BAA Pension Scheme, covering 1,300 of the Schemes’ members. The transaction accompanies the issuing of a £160 million long-dated, index-linked bond directly to L&G by the pension fund’s sponsoring employer, Heathrow Airport Holdings Ltd. L&G worked in partnership with the ... Read the full article

Pen Underwriting consolidates portfolios in £550mn deal with Legal & General

10th May 2018

Pen Underwriting, a multi-territory managing general agent (MGA), has consolidated 15 UK household and SME portfolios into a five-year, £550 million, single quota share arrangement led by Legal & General. The creation of a single ‘master’ binder for Pen’s UK household and SME business will benefit both its customers and distribution ... Read the full article

Prudential & Legal & General conclude $800m longevity reinsurance deal

21st December 2017

The Prudential Retirement Insurance and Annuity Company (PRIAC), a Prudential Financial unit, has concluded a reinsurance agreement which will see it assume longevity risk for about $800 million in pension liabilities, which are held by Legal & General as part of its bulk annuity business. This transaction covers more than 2,000 ... Read the full article

Legal & General secure £490mn Merchant Navy Officers Pension Fund buy-in

13th December 2017

The Trustee of the £3 billion Merchant Navy Officers Pension Fund (MNOPF) has secured a buy-in transaction with Legal & General, worth £490 million of members’ pension benefits. The buy-in hedges the benefits of all current pensioners against longevity risk. MNOPF Chair, Rory Murphy, said; “This buy-in enables us to more effectively ... Read the full article

L&G’s U.S. pension risk transfer business approaches $1 billion

23rd February 2017

UK insurer Legal & General (L&G) has revealed that its U.S. pension risk transfer (PRT) business witnessed further growth in 2016 and the unit expects to surpass $1 billion in transaction volume in the near future, citing increased demand for its services across the states. The UK domiciled insurer entered the ... Read the full article

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