-
Corporate
- Customers
Press releases
Legal & General Retirement America Completes $355M Pension Risk Transfer Deal with Trinity Industries, Inc.
Plan termination covers more than 7,500 participants
27 Jan 2021
Stamford, CT– Jan 27, 2021 – Legal & General Retirement America (LGRA) today announced it has completed a $355 million pension risk transfer (PRT) deal with Trinity Industries, Inc., a leading provider of rail transportation products and services in North America. The plan termination, which involves Trinity Industries, Inc. Consolidated Pension Plan, secures the benefits of more than 7,500 participants.
Willis Towers Watson – a long-standing benefits partner to Trinity Industries, Inc. – served as the strategic advisor for this complex plan termination and related annuity purchase. Trinity Industries, Inc.’s PRT transaction serves as one of seven deals completed by LGRA in Q4 2020. In total, LGRA surpassed $1.6 billion in premiums for the year with momentum continuing into 2021.
George Palms, President, Legal & General Retirement America: "We are thrilled to have been selected by Trinity Industries, Inc. as a trusted partner to deliver on pension commitments to its current and future retirees. Our financial strength, combined with a steadfast commitment to delivering outstanding service, are intended to provide peace of mind to the participants of Trinity’s pension plan."
Further information
Michelle Mead
Caliber Corporate Advisers
Michelle@calibercorporate.com
888.550.6385 ext.7
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.
Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group.