RGA to Acquire $22 Billion Block of U.S. Term Life Reinsurance from XL Group plc
December 02 2015 - 3:30PM
Business Wire
Reinsurance Group of America, Incorporated (NYSE: RGA) today
announced that it has executed definitive agreements with
subsidiaries of XL Group plc (NYSE: XL) to acquire a block of U.S.
term life reinsurance. Under the agreement, a subsidiary of RGA
will reinsure approximately $22 billion of life insurance in force,
comprising approximately 290,000 policies. RGA will also administer
the business on XL’s behalf following a short transition
period.
“This transaction supports RGA’s strategy of deploying capital
by acquiring run-off life insurance blocks,” said Anna Manning,
President, RGA. “Our deep expertise and understanding of the life
reinsurance market has provided us with the tools to secure an
innovative solution for XL. We are pleased to announce the
completion of the transaction.”
The transaction is effective immediately. Other details of the
transaction are not being disclosed.
About RGA
Reinsurance Group of America, Incorporated is one of the largest
global life and health reinsurance companies in the world. The
company provides clients with individual life reinsurance,
individual living benefits reinsurance, group reinsurance, health
reinsurance, financial solutions, facultative underwriting, and
product development. RGA and its subsidiaries serve clients 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
approximately $2.8 trillion of life reinsurance in force and assets
of $47.6 billion.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151202006388/en/
Reinsurance Group of America, IncorporatedLynn Phillips,
636-736-2351Executive Director, Public
Relationslphillips@rgare.comorSally Smith, 636-736-8167Vice
President, Corporate Communicationsssmith@rgare.comorJeff Hopson,
636-736-2068Senior Vice President, Investor
Relationsjhopson@rgare.com
Reinsurance Group of Ame... (NYSE:RGA)
Historical Stock Chart
From Apr 2024 to May 2024
Reinsurance Group of Ame... (NYSE:RGA)
Historical Stock Chart
From May 2023 to May 2024