# Legal & General Group plc First Canadian Pension Risk Transfer transaction

- Link: https://www.directorstalkinterviews.com/legal-general-group-plc-first-canadian-pension-risk-transfer-transaction/412772853
- Published: 2019-04-24T07:33:06+01:00
- Author: Charlotte Edwards

**Legal & General Group plc** (LON:LGEN) announced that it has agreed its first 
Pension Risk Transfer (PRT) transaction in Canada for more than CAD $200 million(
£114 million).

The Canadian PRT market is an attractive and fast-growing market, which has more
than doubled in size over the last five years to reach sales in 2018 of CAD $4.6
billion (£2.6 billion).

The transaction is being written by Brookfield Annuity Company and Legal & General
Reinsurance Company Limited (“Legal & General Reinsurance”) who have recently entered
into a strategic partnership under which Legal & General Reinsurance will provide
quota-share reinsurance for Canadian PRT transfers. This is the first PRT transaction
for the strategic partnership, with Legal & General Reinsurance taking a meaningful
quota-share of the total buy-in liabilities written by Brookfield Annuity Company.

Including this transaction, Legal & General has now written £2.5 billion in International
PRT since its first transaction in 2015. Central to Legal & General’s international
strategy is the US PRT business, which has written USD $2.7 billion in premiums 
across 45 transactions. Historically Legal & General has focused on US PRT transactions
less than USD $100 million, but in 2019 it entered the next stage of growth by writing
a US transaction of over USD $200 million.

> **Nigel Wilson, CEO of Legal & General said:**
> “I am delighted to announce our first PRT transaction in Canada, where the market
> is growing strongly. The transaction provides further evidence of our appetite
> and capability to grow our PRT business internationally.”
> **Thomas Olunloyo, CEO of Legal & General Reinsurance said:**
> “We are excited by the opportunity to provide reinsurance into the Canadian pension
> risk transfer market. We look forward to working with Brookfield Annuity Company
> who are a rapidly growing specialist provider of pension de-risking products.”
> **Paul Forestell, CEO of Brookfield Annuity Company said:**
> “We are pleased to partner with Legal & General Reinsurance and bring our capabilites
> to this transaction. Our partnership with Legal & General offers additional capacity
> for a rapidly expanding Canadian market.”

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