Prudential Retirement, a business unit of Prudential Financial, has completed a longevity reinsurance transaction with UK-based Legal & General.
The transaction, which will cover $2.9 billion of pension liabilities for retirees insured by Legal & General’s pension bulk annuity business, is the second longevity reinsurance transaction between the two firms.
Bill McCloskey, vice president, longevity reinsurance at Prudential, said: “We’re pleased that Legal & General has offered us an opportunity to partner with them again to help solve pension challenges.
“The impact of longevity on pension plans is a global issue that affects employees and employers across the US and the UK. This latest transaction demonstrates the capacity we have as a reinsurer to support the pace of the market in the UK, which remains very active.”