L&G signs €136m reinsurance deal with Irish annuity outfit

The deal means L&G will reinsure €136m of New Ireland's existing annuities, as well as a proportion of its future business. The life and pensions firm said retirement solutions, both in the UK and abroad, were one of its five key growth drivers. The reinsurance arrangement covers annuities purchased by individual customers and bulk annuities purchased by Irish pension schemes. Elaine Spillane, head of group risk and annuities at New Ireland Assurance, said: "The Irish annuity market is seeing strong demand both from individuals retiring and from pension schemes and their corporate ...