Prudential Retirement Insurance and Annuity Company (PRIAC) and U.K. insurer Legal & General just completed their third longevity reinsurance transaction together, further evidence that longevity reinsurance continues to be a vehicle for U.K. insurers seeking relief from pension liabilities exposed to longevity risk.
“This latest transaction builds on our relationship with Legal & General and solidifies the platform from which future business can be written,” explains Bill McCloskey, vice president, Longevity Risk Transfer at Prudential Retirement. “It's also a testament to our experience in the reinsurance space and our capacity to support the growth of the U.K. longevity risk transfer market.”
Under the terms of the new agreement, PRIAC will issue reinsurance for a portion of Legal & General's bulk annuity business, providing benefit security for thousands of retirees in the U.K. PRIAC has completed three reinsurance transactions with Legal & General since October 2014.
“We are delighted to work with PRIAC once again, further strengthening this productive partnership," says Kunal Sood, head of new business reinsurance at Legal & General.
Want to speak with Bill? Contact Josh Stoffregen.
Insurance and reinsurance products are issued by either Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or The Prudential Insurance Company of America (PICA), Newark, NJ. Both are wholly owned subsidiaries of Prudential Financial Incorporated headquartered in the United States and have no affiliation to Prudential Plc headquartered in the united kingdom. Each company is solely responsible for its financial condition and contractual obligations. Neither PRIAC nor PICA are authorized by the U.K. Prudential Regulation Authority or the Financial Conduct Authority, nor do they offer insurance or reinsurance in the United Kingdom. PRIAC and PICA do provide off-shore reinsurance to companies that have acquired U.K. pension risks through transactions with U.K. plan sponsors. PRIAC and PICA are not authorized or regulated by the Office of Superintendent of Financial Institutions for Canada or by the Financial Services Commission of Ontario.
28 April 2016
Prudential seals third longevity reinsurance deal with Legal & General
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