With demand for de-risking solutions high, L&G has internationalised its pension risk transfer business with hubs operating in the UK, US, and Europe.
Kerrigan Procter, managing director of Legal & General Retirement said: “This deal is an excellent start to the year and follows our successful entry into the US in October 2015 with our $450m agreement with the US subsidiary of Royal Philips.
“The US is a key market for Legal & General and we are uniquely positioned with our US life assurance business, rapidly growing investment management business, and US pension risk transfer operations.”
Important milestone
George Palms, president Legal & General Retirement America (LGRA), said: “This is another important milestone in our US pension risk transfer business. Demand for pension risk transfer deals is only just beginning in the US and we are confident that we are well positioned to be a major player in this developing market.”
LGRA will look after all the administration of the scheme and payments to the annuitants going forward. Legal & General America’s Banner Life Insurance Company will be the entity issuing the group annuity contract and Legal & General Investment Management America will manage the assets.
Legal & General had a global annuity book of over $68bn as of 30 June 2015.
