Bermudian-based Legal and General Re won in the Life Transaction of the Year category at Trading Risk magazine’s annual awards.

L&G Re’s Adverse Mortality Stop Loss cover, executed in December 2019, protects the reinsurer’s US portfolio of mortality business against a global pandemic and was developed with brokers Aon Reinsurance Solutions (UK).

L&G Re’s innovative risk management approach resulted in the purchase of this protection against pandemics in the weeks leading up to the Covid-19 pandemic being declared.

Thomas Olunloyo, chief executive officer of Legal and General Re, said: “We are delighted to have received this prestigious award, which recognises that Legal & General Re is at the cutting edge of risk management.

“We will continue to innovate and find ways to deliver the best value and protection for our customers through our strong risk management and unique ability to protect our customers during a crisis.

“Working with our partners Aon Reinsurance Solutions (UK), we were able to tailor a policy that enhances the protection we provide to our customers in the US in the event of a pandemic such as Covid-19.”

Colin Dutkiewicz, global head of life reinsurance at Aon, added: “Legal and General’s rigorous risk framework required that the solution was robust and fit for purpose.

“As it turns out it was extremely timely proving the value of a firm attention to detail and discipline in risk management. Aon is proud to have used its global experience in this area to support Legal and General.”