Transaction will secure the retirement benefits of over 4,000 retirees
STAMFORD, CT, May 31, 2023– Legal & General Retirement America (LGRA) and Reinsurance Group of America, Incorporated (NYSE:RGA) announced today that they have entered into a $309 million pension risk transfer (PRT) transaction with PPG, a Pittsburgh-based Fortune 500 global leader in manufacturing paints, coatings and specialty materials.
The lift-out covers over 4,000 retirees and beneficiaries with benefits under a defined benefit pension plan sponsored by PPG. LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the lift-out.
RGA has been a long-term reinsurance partner of the Legal & General Group, and the companies are expanding their decades-long partnership to support the U.S. PRT market with strategic solutions for plan sponsors seeking to de-risk their pension plans.
“We are proud to work together with RGA to protect the retirement income of over 4,000 of PPG’s retirees and beneficiaries. LGRA is committed to providing exceptional customer service and ensuring a smooth transition for both PPG and the participants,” said George Palms, President, LGRA. “This transaction comes at the close of another historic quarter in the PRT market, highlighting the growing role PRT is playing in the U.S. market.”
“RGA has a 50-year history in the U.S. reinsurance industry and has supported PRT transactions globally for more than 15 years,” said David Lipovics, Vice President, U.S. Pension Risk Solutions, RGA. “We are delighted to be bringing our exceptional financial strength and global expertise directly to U.S. pension plans.”
About Legal & General Retirement America
Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US 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 Life is not authorized as an insurer in and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group. CN05052023-1
More information on LGRA can be found at www.lgra.com.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortune's World's Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn and Facebook.
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