Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, completes four UK longevity reinsurance transactions with Legal & General Assurance Society.
Under the agreements, which completed last year, 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.
Commenting on the deal, Jay Wang, senior vice-president and head of risk solutions at MetLife’s retirement and income solutions business, says: “Legal & General is a market leader in the UK bulk annuity space and we are pleased they have selected MetLife to reinsure these obligations.”
As a result of these transactions, Wang explains that Legal & General “can better manage longevity risk by tapping MetLife’s deep expertise and strong ability to execute in this space”.
“We are looking forward to growing this relationship. 2020 was an extraordinary year for the UK 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,” Wang adds.
