ST. LOUIS--(BUSINESS WIRE)--Aug. 27, 2024--
Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced it has reached an agreement with American National Insurance Company and its affiliates (collectively, “American National”) to reinsure a diversified block of life business through a coinsurance arrangement. Under the agreement, approximately $3.5 billion of American National’s statutory reserves will be transferred to subsidiaries of RGA. Policyholder service and support will remain with American National.
"We're pleased to expand our relationship with American National as a valued client through this tailored coinsurance agreement. This transaction exemplifies our close collaboration with clients and comprehensive understanding of their needs, enabling us to execute solutions aligned with their strategic business objectives," said Senan O’Loughlin, Executive Vice President, US Individual Life, RGA. "Our proven expertise in customized reinsurance empowers us to deliver robust risk management solutions that provide insurers financial flexibility to help them navigate today’s complex regulatory and economic landscape."
The transaction closed on August 26, 2024, with an effective date of July 1, 2024.
Wells Fargo served as exclusive financial advisor to RGA and Clifford Chance US LLP served as legal counsel in the transaction. Additional terms of the transaction are not being disclosed.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 2024. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827179147/en/
Lynn Phillips
Vice President, Corporate Communications
636-736-2351
lphillips@rgare.com
Lizzie Curry
Executive Director, Public Relations
636-736-8521
lizzie.curry@rgare.com
Jeff Hopson
Senior Vice President, Investor Relations
636-736-2068
jhopson@rgare.com
Source: Reinsurance Group of America, Incorporated
