RGA to reinsure $22 Billion Block of Life from XL
Friday, 12 04 2015, Category: Insurance and Reinsurance, Country: United States
Reinsurance Group of America today announced that it has executed definitive agreements with subsidiaries of XL Group plc 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.”
Source: Reinsurance Group of America