Press releases
Legal & General Retirement America Surpasses $628 Million in Premiums for Q3 2020
In its strongest Q3 to date, LGRA continues to meet the growing demand for PRT
15 Oct 2020
Stamford, CT – October 15, 2020 – Legal & General Retirement America (LGRA) today announced it has exceeded $628 million in deals in Q3, bringing the total amount of premiums written to nearly $1 billion in 2020. From July to September, LGRA completed six transactions, securing coverage for over 8,500 participants.
The deals, which exclusively cover U.S. pension plans, range in size from approximately $67 million to $214 million and have resulted in Legal & General Retirement America’s most successful Q3 to date. Across the industry, the U.S. pension risk transfer (PRT) market continues to see an appetite for de-risking, with an expectation that the market total will land around $25 billion by the end of this year.
Despite the challenges brought on by the global pandemic, LGRA continues to focus on providing a high level of support to companies that are looking to fulfill their commitment of helping to secure their employees’ financial futures into retirement.
George Palms, President, Legal & General Retirement America: "We’re thrilled with our continued progress in helping clients through their de-risking journeys. Our team’s ability to maintain such an impressive level of customer service and to transact by pricing, negotiating and finalizing deals in a remote environment has helped lead us to our strongest Q3 yet.We’re looking forward to continuing to support our existing clients along their journeys, in addition to welcoming new ones as we move through another active quarter to round out the year."
Further information
Nicole Levy
Marketing & Brand Manager
Legal & General Retirement America
T: +1 240.357.0099
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
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 Life is not authorized as an insurer in and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group.
*as at HY 2023