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

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

L&G closes $5.7 billion buy-in with British Airways' pension scheme
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Hannah Mckay(Reuters)
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LONDON (Reuters) - British insurer Legal and General <LGEN.L> 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)

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