L&G agrees first Canadian pension risk transfer deal
Legal & General Group
254.40p
17:05 28/03/24
Legal & General on Wednesday said it had entered its first Canadian pension risk transfer (PRT) deal worth more than CAD 200m (£114m).
FTSE 100
7,952.62
17:14 28/03/24
FTSE 350
4,383.21
17:14 28/03/24
FTSE All-Share
4,338.05
16:50 28/03/24
Life Insurance
6,048.60
17:14 28/03/24
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.