Legal & General Retirement America (LGRA) and RGA Recognized by InsuranceERM for Pension Risk Transfer Innovation of the Year
LGRA and RGA Partnered to Create Competitive PRT Solution
STAMFORD, CT, June 18, 2024 – Legal & General Retirement America (LGRA) and Reinsurance Group of America, Incorporated (NYSE:RGA) announced today the companies were recognized with the Pension Risk Transfer Innovation of the Year award by InsuranceERM.
The InsuranceERM awards recognize risk management excellence, leadership and innovation in the Americas and celebrate the individuals, teams and companies that are taking insurance risk and capital management to the next level.
The record volumes seen in the U.S. PRT market are primarily driven by jumbo transactions and, as a result, innovative solutions are required to increase capacity and meet the market’s evolving needs. Combining RGA’s 15+ years of global longevity experience and LGRA’s 9+ years of experience in PRT and customer service excellence, the firms worked together to create an award-winning, competitive split transaction solution that is uniquely positioned for the larger end of the PRT market.
In 2023, LGRA and RGA successfully executed two transactions with their innovative solution, with deals totaling approximately $1 billion in volume and securing the benefits of approximately 6,000 participants. It continues to be well received as a thoughtful and competitive solution by sponsors and intermediaries in 2024.
“Our collaboration with RGA has enabled us to create an innovative and competitive solution that is backed by the financial strength and experience of our two leading S&P Global AA-rated insurance companies while providing plan sponsors with a seamless process that has brought financial security to thousands of participants,” said George Palms, President of LGRA. “We’re thrilled to be recognized for our collaboration and look forward to continuing to bring this joint solution to more of the market.”
"Receiving the Pension Risk Transfer Innovation of the Year award alongside our partners at LGRA underscores our deep expertise and global perspective in pension risk management as well as our collaborative approach to meeting the dynamic needs of the market," said David Lipovics, Senior Vice President, Head of Institutional Markets, RGA. "This recognition not only reaffirms our dedication to innovation in the pension risk transfer market, but also to delivering robust solutions that help provide security and peace of mind to retirees across the country."
About Legal & General Retirement America
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. CN06132024-1
More information on LGRA can be found at www.lgra.com.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Insurance products are issued by RGA Reinsurance Company (RGA Re), a subsidiary of Reinsurance Group of America, Incorporated. RGA Re is solely responsible for its financial condition and contractual obligations. RGA Re is not licensed in Maine, New York, or any U.S. Territory.