Legal & General Retirement America (LGRA) and RGA have teamed up to complete a $700m pension risk transfer with utility provider First Energy.
The retiree lift-out was executed in December and covers about 2,000 retired members, equal to roughly 8% of the company’s total pension liability associated with its former generation subsidiaries.
LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the transaction. LGRA started administering the pensions on 5 March.
Aon and K&L Gates advised FirstEnergy on the transaction.
RGA has been active in the US PRT sector recently, having signed a joint $5.9bn deal with telecoms firm Verizon, in partnership with Prudential Financial.
Earlier this year RGA signed a $6.4bn longevity swap with UK telecoms firm BT.
L&GRA and RGA have worked together on deals before. In June last year the pair signed a $300m PRT with Fortune 500 firm PPG.
