L&G Wins $219 Million Pension Deal With Ex-Fortis Unit ASRby
Legal & General Group Plc has won its first deal in the international pension risk transfer market, taking over 200 million euros ($219 million) of liabilities from state-owned ASR Nederland NV.
The transaction is being undertaken by the U.K. company’s reinsurance unit L&G Re, which was set up in 2014, along with Hannover Re, according to a statement Wednesday.
L&G said in November it was in talks with a number of Dutch pension funds as it seeks to expand its corporate bulk annuity business beyond the U.K. after suffering a slump in annuity sales following government changes to the pension industry.
ASR was part of Fortis Bank’s Dutch insurance operations before the government was forced to step in and rescue the unit during the 2008 financial crisis. The Netherlands expects to offer shares in ASR in the first half of 2016, it said last month.