The logo of Legal & General insurance company is seen at their office in central London March 17, 2008.
Legal & General (LGEN.L) said it had agreed a so-called full buy-in to the Boots Pension Scheme worth 4.8 billion pounds, in what it said was the largest such deal in Britain by premium size.
The market has been running at around 30 billion pounds a year in Britain, but consultants expect 2023 to top that.
Rising funding ratios for pension schemes are driving unprecedented demand, Legal & General (L&G) said, as funds scramble to protect schemes against the vagaries of market movements amid rising interest rates worldwide.
L&G has written a total of 13.4 billion pounds worth of pension risk transfer deals this year globally, up from 9.5 billion pounds last year.
Persons:
Alessia, Eva Mathews, Lawrence White, Sharon Singleton, Mark Potter
Organizations:
General, REUTERS, Legal, Co, Regulators, Bank of England's Prudential, Authority, Health, Thomson
Locations:
London, BRITAIN, Britain, Rothesay, Bengaluru