(Hamilton, Bermuda – 20 October 2020) – Legal & General Reinsurance (L&G Re) today announces its success at Trading Risk Magazine’s annual awards with a win in the Life Transaction of the Year category.
21 Oct 2020
L&G Re’s Adverse Mortality Stop Loss cover, executed in December 2019, protects the reinsurer’s US portfolio of mortality business against a global pandemic and was developed working with brokers Aon Reinsurance Solutions (UK).
L&G Re’s innovative risk management approach resulted in the purchase of this protection against pandemics in the weeks leading up to the COVID-19 pandemic being declared.
Thomas Olunloyo, Chief Executive Officer of Legal & General Reinsurance: "We are delighted to have received this prestigious award, which recognizes that Legal & General Reinsurance is at the cutting edge of risk management. We will continue to innovate and find ways to deliver the best value and protection for our customers through our strong risk management and unique ability to protect our customers during a crisis.
Working with our partners Aon Reinsurance Solutions (UK), we were able to tailor a policy that enhances the protection we provide to our customers in the US in the event of a pandemic such as COVID-19"
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 £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021
Legal & General Reinsurance (L&G Re) is the Bermuda-based global reinsurance hub of Legal & General Group Plc, a multinational financial services company offering life and annuity reinsurance solutions. L&G Re provides reinsurance to clients in the UK, Europe, US and Canada and has assets under management of $30 billion.
(As of June 2021)