L&G agrees first Canadian pension risk transfer deal

Legal & General on Wednesday said it had entered its first Canadian pension risk transfer (PRT) deal worth more than CAD 200m (£114m).

The company said it had now written £2.5bn in international PRT since its first transaction in 2015, adding that its US business was "central" to its strategy, with $2.7bn in premiums across 45 transactions.

The Canadian PRT deal, involving an unnamed fund, is being written by Brookfield Annuity Co and Legal & General Reinsurance Co Ltd, who have agreed a strategic partnership.

Under the partnership, Legal & General Reinsurance will provide quota-share reinsurance for Canadian PRT transfers.

"The Canadian PRT market is an attractive and fast-growing market, which has more than doubled in size over the last five years to reach sales in 2018 of CAD $4.6bn," Legal & general said in a statement.