Legal & General Group is launching a pension risk transfer execution platform driven by blockchain technology, said Thomas Olunloyo, CEO of Legal & General Reinsurance, in an email.
The platform is called "estua-re" and will replace multiple processes and systems that have in the past separately driven each stage of PRT reinsurance deals, a news release said. Those include pricing, claims handling and financial reporting.
The platform, the first of its kind according to the news release, uses Amazon Managed Blockchain, provided by Amazon Web Services.
Mr. Olunloyo said in a news release that the new platform "is the result of market-leading innovation led by the L&G re team and an exciting milestone in the deployment of blockchain in the long-term reinsurance space. Using AWS, we have been able to create a solution that addresses not only the greater speeds at which risks are transacted but also drives transparency and security in an increasingly interconnected market."
Mr. Olunloyo added in the email that the platform is currently being rolled out to Legal & General Reinsurance customers outside the U.S. only.
Legal & General Group's pension risk transfer transactions include the largest U.K. risk transfer to date in 2018 when British Airways insured £4.4 billion ($5.6 billion) in liabilities of its Airways Pension Scheme, Hounslow, England, in a buy-in with the company.