Pensions - Articles - L&G announce €200m European pension risk transfer deal


Legal & General (L&G) has today entered into the European pension risk transfer market, with its first deal in Holland. L&G is now writing pension risk transfer business in the UK, US and Europe.

 ASR Nederland NV, a Dutch insurer, is transferring €200 million of pension obligations to Legal & General Re (L&G Re), our global reinsurer, in cooperation with Hannover Re.

 Manfred Maske, CEO of Legal & General Re said: “Entry into the European pensions risk transfer market represents a significant milestone for L&G Re. Put together with the recent European Union announcement of full Solvency II equivalence for Bermuda this has been a terrific couple of weeks for L&G Re.”

 Legal & General Re was set up in 2014 as a reinsurance hub to grow the international pension risk transfer business. This is the first deal executed through L&G Re.

 Kerrigan Procter, Managing Director, Legal & General Retirement added: “The pension risk transfer business has become a global business for Legal & General. The potential market for pension risk transfer in the US, UK, and Europe is huge, and will play out over many decades.

 “The entry into Europe and our recent $450 million US Royal Philips transaction show case our unique one stop solutions providing our clients; pension risk transfer expertise, asset management skills, and global reinsurance capabilities.”

 In October Legal & General America announced its first pension risk transfer deal with the US subsidiary of Royal Philips for approximately $450 million. Globally as at 30 September 2015, Legal & General manages an annuity book of over £43 billion, and provides annuity benefits to over a million customers.
  

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.