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Pensions

L&G reinsures $800m of liabilities

L&G reinsures $800m of liabilities

Mark Dunne
Thursday 21st December 2017

Prudential Retirement has reinsured $800m (£600m) of pension liabilities for Legal & General – the sixth such transaction between the firms.

The two insurers have now completed $8bn worth of de-risking deals together since 2014, although this is the first such deal between the two since October 2016.

This latest longevity transaction covers more than 2,000 pensioners in Legal & General’s bulk annuity business.

Prudential head of transactions for international longevity reinsurance Bill McCloskey said the longevity reinsurance market is more vibrant than ever, especially in the UK.

Prudential has completed more than $45bn of pension reinsurance transactions globally since 2011, which includes a $27.7bn deal for the BT Pension Scheme.

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