Legal & General Group Plc agreed a £490 million buy-in deal with Merchant Navy Officers Pension Fund, Reinsurance News reported Dec. 13.
The de-risking deal for the U.K.-based fund allowed it to secure all current pensioners against longevity risk, the newswire said.
Willis Towers Watson and Baker McKenzie acted as advisers on actuarial and legal arrangements of the transaction, according to the report. In 2009, the fund completed its first buy-in deal of £500 million with Lucida Ltd., which is now part of L&G.
