AMSTERDAM--(BUSINESS WIRE)--Sep. 8, 2021--
Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life and health reinsurer, today announced the completion of a longevity reinsurance transaction with Athora Netherlands, a leading pension provider in the Dutch market. The reinsurance transaction covers an inforce portfolio of approximately 46 thousand individual annuity polices written by Athora in the Netherlands with total reserves of approximately EUR 3.3 bln. Under this reinsurance agreement, the longevity risk is transferred to RGA over the full remaining term of the underlying portfolio.
“We are very pleased to have worked with Athora to complete this transaction. This deal is representative of the guiding principles of RGA – to work closely with our clients and partners to develop customized solutions to help them address financial challenges and position themselves for future growth,” said Olav Cuiper, Executive Vice President, Head of RGA EMEA. “We are actively working to grow our longevity business in continental Europe, and we are proud to build on our past groundbreaking transactions in the Netherlands and France and our strong franchise in the U.K.”
“By collaborating with RGA, we were able to use their local market knowledge and global expertise to build an attractive solution to meet our risk capital and management goals,” said Etienne Comon, Chief Capital & Investment Officer, Athora Netherlands. “Our strong partnership with RGA made the process smooth and beneficial for both parties.”
The transaction closed on July 1, 2021 and is effective since then. Additional terms of the transaction are not being disclosed.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $88.9 billion as of June 30, 2021. Founded in 1973, RGA 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 around the world, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210908005155/en/
Vice President, Corporate Communications
Director, Public Relations
Senior Vice President, Investor Relations
Source: Reinsurance Group of America, Incorporated