LGRA Closes its Largest Quarter Ever in the U.S. PRT Market
STAMFORD, CT / August 16, 2022 / Legal & General Retirement America (LGRA) announced today that it closed $735 million in new pension risk transfer (PRT) transactions in Q2 2022, marking the largest quarter to date for the organization. From April through June, LGRA closed four transactions to secure coverage for approximately 5,000 plan participants.
The $735 million volume – which exclusively cover U.S. pension plans – surpassed the $628 million previously closed in Q3 2020, LGRA’s last record quarter. Despite the recent market volatility, LGRA continues to focus on providing a high-level of support to companies and exceeded expectations driving record performance in the first half of the year.
The U.S. PRT market is poised for another strong year in 2022 as risk management solutions become more attractive to plan sponsors.
“The looming threat of recession makes today a prudent time for companies to recalibrate their strategies to align with the long-term retirement goals of their employees,” said George Palms, president of LGRA. “We are thrilled to close another record-breaking quarter, which affirms our client-centric approach to effective pension risk management solutions and the importance of providing participants with a more secure financial future.”
Sheena McEwen, vice president and head of distribution at LGRA added: “When entering the U.S. market in 2015, we were intentional about combining the Legal & General Group’s two centuries of risk management expertise with exceptional customer service. That model provides our clients the confidence of knowing that their interests and plan participants will be protected through every phase of the PRT process. It’s proven to be a successful combination.”
About Legal & General Retirement America
Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the U.S. 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 does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group. CN 08112022-1