Legal & General Agrees £760 Million Buy-In with Sanofi Pension Scheme
Posted on 10/13/2021
Based in Reading, England, the £3 billion Sanofi Pension Scheme insured £760 million in liabilities through a buy-in with Legal & General Assurance Society. The buy-in insured the liabilities of 2,900 retirees, which represents around 25% of all liabilities. The buy-in is Sanofi Pension Scheme’s first risk transfer transaction.
Aon advised on the deal. The trustee was advised by law firm CMS Cameron McKenna Nabarro Olswang. Legal & General was advised by law firm Macfarlanes.
Sanofi Pension Scheme has been a long-term client of Legal & General Investment Management.