Legal & General

Legal & General Reinsurance, the Bermuda-based life reinsurance arm of Legal & General Group, specializes in pension risk transfer and annuity solutions. In 2024, it wrote £1.8 billion (about $2.3 billion) in new UK annuity reinsurance business.

History of Legal & General Reinsurance

L&G Reinsurance was created in 2014 in Bermuda by Legal & General Group Plc. It became the group’s global center for life and pension reinsurance services.

The company supports clients with long-term solutions through smart and safe risk deals. Here are more significant events in Legal & General Reinsurance’s history:

• 2015: entered US reinsurance market with first pension risk transfer deal
• 2015: closed its first European longevity deal with Dutch insurer ASR
• 2017: completed sixth reinsurance deal with Prudential, worth $800 million
• 2019: started offering pension risk deals in the Canadian market
• 2020: won industry award for a mortality stop-loss reinsurance solution
• 2021: earned AA- rating from S&P for strong risk and capital position
• 2023: L&G Reinsurance No. 2 earned A+ (Superior) rating from AM Best for strong stability
• 2024: added more mortality coverage through a deal with Banner Life Insurance
• 2024: reinsured Canada's largest pension risk deal at CAD500 million

Legal & General Reinsurance marked its tenth anniversary with a growing book of global reinsurance business. Its steady expansion shows strong demand for safe, tech-backed pension and longevity solutions.

Reinsurance products and services

Legal & General Reinsurance designs tailored risk solutions that support long-term pension and retirement promises for clients:

• longevity reinsurance: covers rising life expectancy risks for pension funds and insurers
• annuity reinsurance: reinsures guaranteed income from bulk annuity portfolios
• pension risk transfer: shifts corporate pension liabilities to a long-term reinsurance partner
• mortality reinsurance: protects life insurers from higher-than-expected death claims
• stop-loss reinsurance: limits financial losses during sudden spikes in mortality rates

These services help partners manage pension promises while protecting long-term income streams. Every solution aims to build trust and improve financial stability for clients and their customers.

Culture and core values

Legal & General Reinsurance builds its culture on trust, teamwork, and genuine care for others. People support each other while working with purpose and respect for society. Their values are:

• straightforward: speaks honestly, stays fair, and communicates with transparency and respect
• collaborative: values diverse ideas and works together to shape thoughtful, shared decisions
• purposeful: acts with energy, owns results, and always balances delivery with integrity

Its values guide how people think, communicate, and make decisions every day. They encourage ownership, openness, and doing what’s right with consistency.

Workplace environment and benefits

Legal & General Reinsurance puts people first by offering support for financial, physical, and personal well-being. It provides employee benefits to help manage money, health, and everyday life with care and purpose:

• pension plan: includes employer-paid contributions and ethical fund investment choices
• healthcare plan: offers full coverage for eligible staff to access medical care when needed
• share plan: allows employees to acquire company shares through structured plans
• rewards and discounts: includes cashback, reloadable cards, and exclusive savings on shopping and services
• well-being: covers mental health tools, fitness support, and programs like Cycle to Work
• virtual GP service: gives year-round access to health advice and mental health support
• career growth: offers mentoring, skills training, and development programs for professional progress
• family support: provides time off and guidance for carers and working parents

The company empowers people to learn and grow as part of a diverse, forward-thinking team. It welcomes individuals who care about improving how things work and value positive change.

L&G Reinsurance’s social purpose

The firm is part of a global investor group working to support long-term social progress. Legal & General Reinsurance focuses on projects that help improve lives in ways that last and matter most:

• community: donated to Support Public Schools, The Coalition for the Protection of Children, and Loyal Hill
• education: supported Association of Bermuda Insurance Companies, Bermuda International Long-Term Insurers and Reinsurers (BILTIR), Planet Math
• environment: worked with Bermuda National Trust, Spittal Pond, Bermuda Underwater Exploration Institute

The company’s social efforts are guided by a dedicated corporate social responsibility (CSR) team that meets often. Many staff also give their time to causes they care about outside of work.

The future at Legal & General Reinsurance

Legal & General Reinsurance Company No. 2 earned an A+ (Superior) rating from AM Best in 2024. It operates alongside L&G Reinsurance to support global pension risk transfer growth. The upgrade proves their strong performance, capital strength, and effective risk controls across the business.

Legal & General Reinsurance also helped fund the full renovation of the Loyal Hill playground in Bermuda. The donation was part of its CSR work with BILTIR and focused on community well-being. Projects like this are part of its mission to invest in brighter futures beyond reinsurance deals.