Legal and General (L&G) has agreed its first pension risk transfer (PRT) in Canada for more than £114m (CAD 200m).

It marks the firm’s first move into the region after its reinsurance arm (L&G Reinsurance) entered into a strategic partnership Brookfield Annuity Company, who are both underwriting the deal.

The transaction means that L&G has now written £2.5bn in international PRT since it completed its first in 2015. Of this, L&G has written almost £2.1bn (USD 2.7bn) in US PRT business across 45 transactions.

According to L&G, the Canadian PRT market has more than doubled to £2.6bn (CAD 4.6bn) over the past five years.

Commenting on the deal, L&G CEO, Nigel Wilson said: “I am delighted to announce our first PRT transaction in Canada, where the market is growing strongly. The transaction provides further evidence of our appetite and capability to grow our PRT business internationally.”

Under the partnership, L&G Reinsurance will provide quota-share reinsurance for Canadian PRT transfers.

L&G Reinsurance CEO, Thomas Olunloyo, added: “We are excited by the opportunity to provide reinsurance into the Canadian pension risk transfer market. We look forward to working with Brookfield Annuity Company who are a rapidly growing specialist provider of pension de-risking products.”

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