Investment - Articles - MetLife completes longevity reinsurance deal with L and G


Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc. (“MetLife”), announced today it has completed four United Kingdom longevity reinsurance transactions with Legal & General Assurance Society Limited (“Legal & General”) in 2020.

 “Legal & General is a market leader in the U.K. bulk annuity space and we are pleased they have selected MetLife to reinsure these obligations,” said Jay Wang, senior vice president and head of Risk Solutions at MetLife’s Retirement & Income Solutions business.

 “As a result of these transactions, Legal & General can better manage longevity risk by tapping MetLife’s deep expertise and strong ability to execute in this space.”
 
 Under the agreements, Metropolitan Tower Life Insurance Company will provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities.

 “We are looking forward to growing this relationship,” said Wang. “2020 was an extraordinary year for the U.K. pension and longevity risk transfer market. Looking into 2021, the market remains very robust, and we are eager to expand our presence as a reinsurance solution for direct insurers like Legal & General.”

Back to Index


Similar News to this Story

PIMFA calls for greater ambition to solve FSCS levy funding
PIMFA welcomes the fact the Financial Conduct Authority (FCA) has recognised current levels of Financial Services Compensation Scheme (FSCS) funding a
PMI appoints Cardano as Covenant Insight Partner
The Pensions Management Institute (PMI) announces today that it has appointed Cardano Advisory as its newest Insight Partner, offering specialist supp
Rise in inflation and the impact on pension schemes
Celene Lee, Principal and Senior Investment Consultant at Buck comments on news that UK inflation rose to 4.2%,and what impact this will have for pens

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.