Legal & General has concluded its sixth longevity reinsurance deal with Prudential Retirement, with the latest transaction assuming £600m of pension liabilities that are held by L&G as part of its bulk annuity business.

The transaction covers more than 2,000 pensioners. Legal & General and Prudential have now partnered on six transactions that together reinsure nearly $8bn (£6bn) in longevity risk.

The agreement signals the resurgent market for longevity reinsurance and de-risking solutions in the UK in 2017, with market volumes up significantly since the 2016 Brexit vote. The de-risking of pension schemes has become an expectation among shareholders and key stakeholders in companies across the globe.

Prudential’s lead negotiator David Lang said: “Prudential is proud to strengthen its partnership with L&G. As a result of these agreements, L&G can better manage its longevity risk and secure the retirement benefits of thousands of UK pensioners.”

Prudential’s most recent transaction with L&G prior to this was in October 2016.

L&G head of new business reinsurance Joyeeta Kanungo said: “This transaction marks a furthering of our partnership with Prudential, whose expertise and strength we value highly. The transaction is also another example of longevity reinsurance having a positive impact in enabling UK pension schemes to de-risk efficiently with a strong insurer such as L&G.”

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