Legal & General Retirement America Secures $735 Million in New Transactions in Q2 2022

×

Error message

  • Notice: Undefined property: stdClass::$ds_changed in eval() (line 16 of /var/www/7/modules/php/php.module(80) : eval()'d code).
  • Notice: Undefined property: stdClass::$ss_search_api_url in eval() (line 20 of /var/www/7/modules/php/php.module(80) : eval()'d code).
  • Notice: Undefined property: stdClass::$tm_title in eval() (line 20 of /var/www/7/modules/php/php.module(80) : eval()'d code).

Legal & General Retirement America (LGRA) announced it closed $735 million in pension risk transfer (PRT) transactions in Q2 2022, marking the largest quarter to date for the organization.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, August 16, 2022
Information
Tags: 
Other Professional Services, Professional Services, Finance, Legal & General, District, Banner, General group problem solving model, Risk management, View, Retirement, General officer, PRT, Goal, Solution, MD, Life insurance, Law
Geotags: 
CONNECTICUT, UNITED STATES, NORTH AMERICA, NEW YORK, PUERTO RICO, NY
⚠ generated by AI ↴
Organisation: 
LEGAL & GENERAL RETIREMENT AMERICA
Summary
Key Points: 
  • Legal & General Retirement America (LGRA) announced it closed $735 million in pension risk transfer (PRT) transactions in Q2 2022, marking the largest quarter to date for the organization.
  • Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the U.S. market.
  • Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD.
  • The Legal & General America companies are part of the worldwide Legal & General Group.


Legal & General Retirement America (LGRA) announced it closed $735 million in pension risk transfer (PRT) transactions in Q2 2022, marking the largest quarter to date for the organization. From April through June, LGRA closed four transactions to secure coverage for approximately 5,000 plan participants.

The $735 million volume – which exclusively covers U.S. pension plans – surpassed the $628 million previously closed in Q3 2020, LGRA’s last record quarter. Despite the recent market volatility, LGRA continues to focus on providing high-level support to companies and exceeded expectations, driving record performance in the first half of the year.

The U.S. PRT market is poised for another strong year in 2022 as risk management solutions become more attractive to plan sponsors.

“The looming threat of recession makes today a prudent time for companies to recalibrate their strategies to align with the long-term retirement goals of their employees,” said George Palms, president of LGRA. “We’re thrilled to close another record-breaking quarter, which affirms our client-centric approach to effective pension risk management solutions and the importance of providing participants with a more secure financial future.”

Sheena McEwen, vice president and head of distribution added: “When entering the U.S. market in 2015, we were intentional about combining the Legal & General Group’s two centuries of risk management expertise with exceptional customer service. That model provides our clients the confidence of knowing that their interests and participants will be protected through every phase of the PRT process. It’s proven to be a successful combination.”

About Legal & General Retirement America

Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the U.S. 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. CN 08112022-1

Copyright: 
Copyright Business Wire 2022