Reinsurance Group of America and RenaissanceRe Launch Langhorne Re
January 11 2018 - 7:30AM
Business Wire
Reinsurance industry leaders announce formation
of global reinsurer offering solutions for large in-force life and
annuity blocks
Reinsurance Group of America, Incorporated (NYSE: RGA), a
leading global life reinsurer, and RenaissanceRe Holdings Ltd.
(“RenaissanceRe”) (NYSE: RNR), a global provider of reinsurance and
insurance that specializes in matching well-structured risks with
efficient sources of capital, today announced the launch of
Langhorne Re, a global reinsurer targeting large in-force life and
annuity blocks.
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To date, Langhorne Re has secured $780 million of equity capital
commitments including investments from RGA and RenaissanceRe.
Langhorne Re will combine a strong long-term capital base with
underwriting and third-party capital management support from RGA
and RenaissanceRe to purchase large in-force life and annuity
blocks, allowing clients to de-risk and optimize their capital
management.
“We are very pleased to announce the launch of Langhorne Re with
our strategic partner, RenaissanceRe,” said Scott Cochran,
Executive Vice President, Corporate Development and Acquisitions,
RGA. “Powered by the complementary and industry-leading
capabilities of RGA and RenaissanceRe, Langhorne Re is uniquely
positioned to provide competitive and flexible solutions that
expand RGA’s existing client offerings.”
“RenaissanceRe’s experience with managing third party capital
and sophisticated risk management combined with RGA’s experience in
the life market make this a very attractive partnership,” said
Aditya K. Dutt, President, Renaissance Underwriting Managers, Ltd.
“As a result, we expect both clients and policyholders will benefit
from our long-term approach and track record of capital
stewardship.”
Barclays acted as financial advisor and Sidley Austin LLP as
legal advisor for Langhorne Re.
About Langhorne ReLanghorne Re is a global reinsurer
targeting large in-force life and annuity blocks. The vehicle is
funded with capital commitments from RGA and RenaissanceRe and
other third-party pension fund and life insurance company
commitments.
About RGAReinsurance Group of America, Incorporated
(RGA), a Fortune 500 company, is among the leading global providers
of life reinsurance and financial solutions, with approximately
$3.3 trillion of life reinsurance in force and assets of $58.7
billion as of September 30, 2017. Founded in 1973, RGA today is
recognized for its deep technical expertise in risk and capital
management, innovative solutions, and commitment to serving its
clients. With headquarters in St. Louis, Missouri and operations in
26 countries, RGA delivers expert solutions in individual life
reinsurance, individual living benefits reinsurance, group
reinsurance, health reinsurance, facultative underwriting, product
development, and financial solutions. To learn more about RGA and
its businesses, visit the company’s website at www.rgare.com.
About RenaissanceReRenaissanceRe Holdings Ltd. is a
global provider of reinsurance and insurance that specializes in
matching well-structured risks with efficient sources of capital.
The Company provides property, casualty and specialty reinsurance
and certain insurance solutions to customers, principally through
intermediaries. Established in 1993, the Company has offices
in Bermuda, Ireland, Singapore, the United
Kingdom, and the United States.
All statements other than present and historical facts and
conditions contained in this press release, including any
statements regarding our future results of operations and financial
positions, business strategy, plans and our objectives for future
operations, are forward-looking statements and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements are only predictions and
reflect our current beliefs and expectations with respect to future
events and are based on assumptions and subject to risk and
uncertainties and subject to change at any time. We operate in a
very competitive and rapidly changing environment. New risks emerge
from time to time. Given these risks and uncertainties, you should
not place undue reliance on these forward-looking statements.
Actual events or results may differ materially from those contained
in the projections or forward-looking statements.
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Investors:Reinsurance Group of AmericaJeff Hopson,
636-736-2068Senior Vice President, Investor
Relationsjhopson@rgare.comorRenaissanceRe Holdings Ltd.Keith McCue,
441-239-4830Senior Vice President, Finance & Investor
RelationsorMedia:Reinsurance Group of AmericaLynn Phillips,
636-736-2351Vice President, Corporate
Communicationslphillips@rgare.comorLizzie Curry, 636-736-8521Public
Relations Managerlizzie.curry@rgare.comorRenaissanceRe Holdings
Ltd.Elizabeth Tillman, 212-238-9224Director – CommunicationsorKekst
and CompanyPeter Hill or Dawn Dover, 212-521-4800
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