InsuranceERM Awards LGRA and RGA
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.”
