Legal & General launches blockchain reinsurance

Legal & General has launched ‘estua-re’, the first pension risk transfer execution platform driven by blockchain technology.

Part of the insurance and investment group’s global Pension Risk Transfer (PRT) strategy, it is a single ecosystem capable of driving every stage of the reinsurance value chain, including pricing, claims handling, financial reporting and collateral; utilising data dynamically stored on the blockchain.

It will replace multiple processes and systems traditionally used to support each function, with the added security of the blockchain.

Legal & General Reinsurance clients will be gradually moved to support provided on this platform, which has been developed using Amazon Web Services (AWS).

Amazon Managed Blockchain allowed Legal & General to quickly set up and manage its new blockchain network, with multiple parties now able to transact with each other without needing an intermediary. All members maintain a copy of the ledger database, providing greater transparency, while manual reconciliation can be replaced with smart contracts.

Thomas Olunloyo, chief executive of Legal & General Reinsurance, said: “estua-re 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.

“We believe that blockchain is uniquely suited to the long term nature of annuities business, as it allows data and transactions to be signed, recorded and maintained in a permanent and secure nature over the lifetime of these contracts, which can span over 50 years”

    Share Story:

Recent Stories


The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.