{"id":761001,"date":"2023-05-31T09:33:02","date_gmt":"2023-05-31T13:33:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/legal-general-retirement-america-and-rga-partner-to-complete-309-million-pension-risk-transfer-transaction-with-ppg\/"},"modified":"2023-05-31T09:33:02","modified_gmt":"2023-05-31T13:33:02","slug":"legal-general-retirement-america-and-rga-partner-to-complete-309-million-pension-risk-transfer-transaction-with-ppg","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/legal-general-retirement-america-and-rga-partner-to-complete-309-million-pension-risk-transfer-transaction-with-ppg\/","title":{"rendered":"Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG"},"content":{"rendered":"<p>        <!--.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG<\/b><\/p>\n<p><i>Transaction will secure the retirement benefits of over 4,000 retirees<\/i><\/p>\n<p>STAMFORD, Conn.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.lgra.com%2F&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=Legal+%26amp%3B+General+Retirement+America&amp;index=1&amp;md5=afdd6c3db9d57ef057964e19e4f60609\">Legal &amp; General Retirement America<\/a> (LGRA) and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.rgare.com%2F&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=Reinsurance+Group+of+America%2C+Incorporated&amp;index=2&amp;md5=233d221d491fe957b560b0c133693ac6\">Reinsurance Group of America, Incorporated<\/a> (NYSE:RGA) announced today that they have entered into a $309 million pension risk transfer (PRT) transaction with PPG, a Pittsburgh-based Fortune 500 global leader in manufacturing paints, coatings and specialty materials.<\/p>\n<p>\nThe lift-out covers over 4,000 retirees and beneficiaries with benefits under a defined benefit pension plan sponsored by PPG. LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the lift-out.<\/p>\n<p>\nRGA has been a long-term reinsurance partner of the Legal &amp; General Group, and the companies are expanding their decades-long partnership to support the U.S. PRT market with strategic solutions for plan sponsors seeking to de-risk their pension plans.<\/p>\n<p>\n\u201cWe are proud to work together with RGA to protect the retirement income of over 4,000 of PPG\u2019s retirees and beneficiaries. LGRA is committed to providing exceptional customer service and ensuring a smooth transition for both PPG and the participants,\u201d said George Palms, President, LGRA. \u201cThis transaction comes at the close of another historic quarter in the PRT market, highlighting the growing role PRT is playing in the U.S. market.\u201d<\/p>\n<p>\n\u201cRGA has a 50-year history in the U.S. reinsurance industry and has supported PRT transactions globally for more than 15 years,\u201d said David Lipovics, Vice President, U.S. Pension Risk Solutions, RGA. \u201cWe are delighted to be bringing our exceptional financial strength and global expertise directly to U.S. pension plans.\u201d<\/p>\n<p><b>About Legal &amp; General Retirement America<\/b><\/p>\n<p>\nLegal &amp; General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US market. Established in 2015, Legal &amp; General Retirement America is a business unit of Legal &amp; General America, Urbana, MD. Legal &amp; General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner Life is not authorized as an insurer in and does not do business in New York. The Legal &amp; General America companies are part of the worldwide Legal &amp; General Group. CN05052023-1<\/p>\n<p>\nMore information on LGRA can be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.lgra.com&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=www.lgra.com&amp;index=3&amp;md5=10e73178723ee9e6ce7509d60bfa2666\">www.lgra.com<\/a>.<\/p>\n<p><b>About RGA<\/b><\/p>\n<p>\nReinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world\u2019s largest and most respected reinsurers and is listed among Fortune&#8217;s World&#8217;s Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.rgare.com%2F&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=www.rgare.com&amp;index=4&amp;md5=396510f6c51ffaf032b92bddd6d7cd33\">www.rgare.com<\/a>. Follow RGA on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2F248599%2Fadmin%2F&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=da530d035abfdff05f7caa1a316f3540\">LinkedIn<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FRGAGlobal&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=Facebook&amp;index=6&amp;md5=480d8ddb968dd252e3eaa8474749b239\">Facebook<\/a>.<\/p>\n<p><b>PPG: WE PROTECT AND BEAUTIFY THE WORLD\u00ae<\/b><\/p>\n<p>\nAt PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for 140 years. Through dedication and creativity, we solve our customers\u2019 biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $17.7 billion in 2022. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ppg.com&amp;esheet=53409547&amp;newsitemid=20230531005143&amp;lan=en-US&amp;anchor=www.ppg.com&amp;index=7&amp;md5=113b0d45dcddea165cd8edbf9fac9206\">www.ppg.com<\/a>.<\/p>\n<p><span class=\"bwuline\">The <i>PPG Logo<\/i> and <i>We protect and beautify the world<\/i> are registered trademarks of PPG Industries Ohio, Inc.<\/span><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230531005143r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230531005143\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230531005143\/en\/<\/a><\/span><\/p>\n<p><b>For LGRA:<br \/>\n<\/b><br \/>Carolyn Gasbarra<br \/>\n<br \/>Vice President, Edelman Smithfield<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Carolyn.Gasbarra@edelmansmithfield.com\">Carolyn.Gasbarra@edelmansmithfield.com<br \/>\n<\/a><\/p>\n<p><b>For RGA:<br \/>\n<\/b><br \/>Lizzie Curry<br \/>\n<br \/>Director, Public Relations, RGA<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Lizzie.Curry@rgare.com\">Lizzie.Curry@rgare.com<br \/>\n<\/a><\/p>\n<p><b>For PPG:<br \/>\n<\/b><br \/>Mark Silvey<br \/>\n<br \/>Corporate Communications<br \/>\n<br \/>+1 412 434 3046<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:silvey@ppg.com\">silvey@ppg.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Pennsylvania Connecticut United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Finance Consulting Professional Services Insurance Human Resources<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230531005143\/en\/1805790\/3\/LGRA_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG Transaction will secure the retirement benefits of over 4,000 retirees STAMFORD, Conn.&#8211;(BUSINESS WIRE)&#8211;Legal &amp; General Retirement America (LGRA) and Reinsurance Group of America, Incorporated (NYSE:RGA) announced today that they have entered into a $309 million pension risk transfer (PRT) transaction with PPG, a Pittsburgh-based Fortune 500 global leader in manufacturing paints, coatings and specialty materials. The lift-out covers over 4,000 retirees and beneficiaries with benefits under a defined benefit pension plan sponsored by PPG. LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the lift-out. RGA has been a long-term &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/legal-general-retirement-america-and-rga-partner-to-complete-309-million-pension-risk-transfer-transaction-with-ppg\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-761001","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/legal-general-retirement-america-and-rga-partner-to-complete-309-million-pension-risk-transfer-transaction-with-ppg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Legal &amp; General Retirement America and RGA Partner to Complete $309 Million Pension Risk Transfer Transaction with PPG Transaction will secure the retirement benefits of over 4,000 retirees STAMFORD, Conn.&#8211;(BUSINESS WIRE)&#8211;Legal &amp; General Retirement America (LGRA) and Reinsurance Group of America, Incorporated (NYSE:RGA) announced today that they have entered into a $309 million pension risk transfer (PRT) transaction with PPG, a Pittsburgh-based Fortune 500 global leader in manufacturing paints, coatings and specialty materials. The lift-out covers over 4,000 retirees and beneficiaries with benefits under a defined benefit pension plan sponsored by PPG. LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the lift-out. 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The lift-out covers over 4,000 retirees and beneficiaries with benefits under a defined benefit pension plan sponsored by PPG. LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the lift-out. 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