JLT Employee Benefits (JLT EB) has been appointed by the UK business of Reinsurance Group of America, Incorporated (RGA) to provide administration solutions for its growing reinsurance and longevity swap book of business, covering in excess of 30 contracts and more than 800,000 lives. The service will be delivered using JLT’s Profund oPen software.
RGA offers individual life reinsurance, individual living benefits reinsurance (critical illness and disability income) and group reinsurance. As a leading reinsurance provider, RGA brings its financial solutions expertise to help manage risk and capital through capital-motivated, asset-intensive and bulk longevity reinsurance.
JLT has vast experience of transforming administration delivery for clients and of on-boarding new business, as well as delivering data validation and cleansing, reporting and bespoke financial and management information interfaces. JLT’s administration function has a strong track record, already looking after in excess of four million members around the UK for scheme Trustees, employers and insurers.
Simon Wainwright, Managing Director, RGA, said: “We believe JLT will provide extensive administration expertise with a robust technology infrastructure to give us comfort that our data will be stored, managed and extracted in a secure and professional manner. We are now working closely with JLT to transform our longevity and reinsurance administration process to include a high level of automation and bespoke management information reporting, reducing our risk and giving us greater control.”
Mark Wood, Chief Executive, JLT Employee Benefits, said: "We feel very privileged that RGA has entrusted us with providing the administration solution for its growing reinsurance and longevity swap book of business as they outsource administration for the first time.”
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Notes to Editors
JLT Employee Benefits:
+44 (0)1344 464 582
+44 (0)20 7903 0661
+44 (0)20 7903 0674
About JLT Employee Benefits
JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a FORTUNE 500 company and one of the largest global life reinsurance companies in the world. RGA serves clients in more than 60 countries from operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom and the United States. Worldwide, RGA has more than $2.9 trillion of life reinsurance in force and assets of approximately $42.9 billion.