Reinsurance News
Legal & General
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
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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