Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, Inc. (“MetLife”), announced it has completed four United Kingdom longevity reinsurance transactions with Legal & General Assurance Society Limited (“Legal & General”) in 2020.
“Legal & General is a market leader in the U.K. bulk annuity space and we are pleased they have selected MetLife to reinsure these obligations,” said Jay Wang, senior vice president and head of Risk Solutions at MetLife’s Retirement & Income Solutions business. “As a result of these transactions, Legal & General can better manage longevity risk by tapping MetLife’s deep expertise and strong ability to execute in this space.”
Under the agreements, Metropolitan Tower Life Insurance Company will provide reinsurance to Legal & General for longevity risk associated with a combined total of approximately $2 billion of pension liabilities.
“We are looking forward to growing this relationship,” said Wang. “2020 was an extraordinary year for the U.K. pension and longevity risk transfer market. Looking into 2021, the market remains very robust, and we are eager to expand our presence as a reinsurance solution for direct insurers like Legal & General.”