Legal & General Group PLC (LON:LGEN) has agreed its first pension risk transfer in Canada for more than C$200mln under its strategic partnership with Canadian life insurer Brookfield Annuity Company.
L&G recently entered into a partnership with Brookfield Annuity, which is owned by Brookfield Asset Management, to provide quota-share reinsurance for Canadian PRT transfers.
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"I am delighted to announce our first PRT transaction in Canada, where the market is growing strongly,” said chief executive Nigel Wilson.
“The transaction provides further evidence of our appetite and capability to grow our PRT business internationally."
L&G has now written £25mln in international PRT since its first transaction in 2015.
Historically, the group has focused on US PRT transactions of less than US$$100mn. However, this year, it wrote a US transaction of more than US$200mln.