LGRA and RGA enter into $309m PRT transaction with PPG

Written by Adam Cadle

08/06/2023

Legal & General Retirement America (LGRA) and Reinsurance Group of America (RGA) have entered into a $309m pension risk transfer (PRT) transaction with PPG, a Pittsburgh-based Fortune 500 global leader in manufacturing paints, coatings and specialty materials.

The lift-out covers over 4,000 retirees and beneficiaries with benefits under a defined benefit pension plan sponsored by PPG. LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the lift-out.

RGA has been a long-term reinsurance partner of the Legal & General Group, and the companies are expanding their decades-long partnership to support the US PRT market with strategic solutions for plan sponsors seeking to de-risk their pension plans.

“This transaction comes at the close of another historic quarter in the PRT market, highlighting the growing role PRT is playing in the US market,” LGRA president George Palms said.

There are no related documents to show at this time.

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