September 13, 2018 / 6:23 AM / a year ago

L&G closes $5.7 billion buy-in with British Airways' pension scheme

LONDON, Sept 13 (Reuters) - British insurer Legal and General said on Thursday that it had closed a deal to insure 4.4 billion pounds ($5.73 billion) of British Airways’ historic pensions liabilities.

The transaction, which Legal and General said was the largest ever bulk annuity policy arranged with a UK pension scheme, also included the conversion of existing longevity insurance to a bulk annuity.

Nigel Wilson, chief executive of Legal & General, said the company expects to announce further transactions in the next few months. (Reporting by Emma Rumney; Editing by Emelia Sithole-Matarise)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below