Reinsurance News
Legal & General
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
Legal & General enters $200mn pension risk transfer deal in Canada
24th April 2019
Legal & General Group plc has announced that it has agreed its first pension risk transfer (PRT) transaction in Canada for more than CAD $200 million (£114 million). The transaction is being written by Brookfield Annuity Company and Legal & General Reinsurance Company Limited, which will provide quota-share reinsurance for Canadian ... Read the full article
Legal & General completes £230m buy-in with Howden Group pension plan
21st March 2019
Legal & General has announced the completion of a £230 million full-scheme buy-in with the Howden Group pension plan. The transaction follows a previous £250 million deal for another UK based pension scheme in the Colfax Corporation group at the end of 2017. Chris DeMarco, Managing Director, UK Pensions Risk Transfer said ... Read the full article
Legal & General announces £500mn buy-in with Pearson Pension Plan
25th February 2019
Legal & General has announced the completion of a c.£500 million buy-in transaction with the Pearson Pension Plan, covering approximately 2,200 current pensioner members. In 2017, Legal & General provided a c.£600 million pension buy-in with the Pearson Pension Plan, covering approximately 2,400 members. And, the new £500 million transaction, alongside ... Read the full article
Legal & General announces launch of Smart Adjusting initiative
1st November 2018
British multinational financial services firm Legal & General has announced the launch of its Smart Adjusting initiative, a tailored solution for large loss claims via a panel of handpicked adjusters. Having engaged with a large number and variety of providers across the UK market, L&G states that it will work in ... Read the full article
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