Prudential completes fourth reinsurance deal with Legal & General
Prudential has completed a new reinsurance deal with U.K.-based insurer, Legal & General, which will cover a portion of Legal & General’s bulk annuity business. This is Prudential’s fourth longevity reinsurance transaction with Legal & General since October 2014, and the second transaction completed in 2016.
Through its strong partnership with Legal & General, Prudential was able to price and execute a reinsurance transaction in a short period of time.
“This transaction also reflects the burgeoning trend of pension funds and insurers transferring risk and demonstrates our ability to leverage our insurance, pension and actuarial expertise, as well as our investment capabilities and financial strength to meet the market demand for reinsurance," said Bill McCloskey, vice president and Head of International Transactions at Prudential Retirement.