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L&G Wins $219 Million Pension Deal With Ex-Fortis Unit ASR

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.