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

Full press release

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

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Nicole Levy

Marketing & Brand Manager

Legal & General Retirement America

T: +1 240.357.0099

Email Nicole Levy

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 FY23) 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 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.

As at 11 June 2024, Legal & General has a market capitalisation of £14.6 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 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. CN12182023-1

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