Legal & General has completed a deal to reinsure €136m of New Ireland Assurance’s existing annuities book in what is L&G’s first annuity transaction outside of the UK.
The exclusive partnership will also see L&G reinsure a proportion of New Ireland’s future business.
The arrangement covers individual annuities and bulk annuities bought by Irish pension schemes.
New Ireland Assurance head of group risk and annuities Elaine Spillane says: “The Irish annuity market is seeing strong demand both from individuals retiring and from pension schemes and their corporate sponsors who are seeking to de-risk.
“Our partnership with L&G will allow us to grow our market share while managing the risks in our business appropriately.”
L&G annuity business managing director Kerrigan Procter says: “L&G is actively pursuing opportunities to leverage its expertise in non-UK markets, such as North America and Europe.
“The Irish annuity market for both bulk and individual annuities looks set to expand over the next few years and this arrangement will enable L&G to actively participate in this exciting market.”