a.s.r. reinsures part of pension portfolio with Legal & General Reinsurance
a.s.r. and Legal & General Reinsurance (Legal & General) have entered into a strategic partnership for the reinsurance of part of a.s.r.’s pension portfolio. The reinsured sum involved is € 200 million. The partnership with Legal & General will allow a.s.r. to optimise its balance sheet risks.
This is Legal & General’s first pension reinsurance transaction on the European continent. Legal & General already has a presence on the US and UK pension reinsurance markets.
Chris Figee, CFO of a.s.r.: ‘We are happy about this strategic partnership with Legal & General Reinsurance, which is a reliable and financially strong partner with extensive international experience. This partnership gives us the opportunity to optimise our balance sheet; what is more, it ties in with a.s.r.’s ambition to be an innovative player that sees its customers as its first priority.’
Manfred Maske, CEO of Legal & General Reinsurance: ‘The dealings we have had with a.s.r. so far give us confidence that we can successfully build on our partnership. We are looking forward to doing our part in helping a.s.r. to offer robust pension solutions to its customers.’
About a.s.r. Pensioenen
a.s.r. Pensioenen is a broadly oriented pension insurer with a focus on enterprises, business owners and members. A substantial number of our customers are large corporates. We serve our customers with three strong brands: De Amersfoortse Verzekeringen, a.s.r. and Brand New Day. De Amersfoortse offers defined contribution (DC) schemes while a.s.r. focuses on defined benefit (DB) products. Brand New Day is an Institution for Occupational Retirement Provision (IORP).