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Prudential Retirement, Legal & General ink 6th longevity reinsurance deal

Prudential Retirement Insurance & Annuity Co. and Legal & General Group Plc completed their sixth longevity reinsurance transaction since 2014.

The Prudential Financial Inc. unit will assume longevity risk for approximately $800 million in pension liabilities, held by Legal & General as part of its bulk annuity business, covering more than 2,000 pensioners.

Legal & General and Prudential have now partnered on six transactions that together reinsure nearly $8 billion in longevity risk.