Insurance giant Legal & General has taken on the responsibility for £4.4bn in pensions liabilities from British Airways  — the largest deal of its kind in the UK, and one which gives L&G back its customary slot among the market leaders.

L&G said on Thursday that the so-called bulk annuity deal covers some 60% of the Airways Pension Scheme’s bill. It comes in what is shaping up to be a busy year for these transactions, which help companies cut the risk of failing to meet future payouts.