ST. LOUIS--(BUSINESS WIRE)--May 19, 2017--
Reinsurance
Group of America, Incorporated (NYSE:RGA) today announced the
completion of an asset-intensive transaction with Farmers New World Life
(FNWL), a subsidiary of Zurich Insurance Group. Under the agreement, a
subsidiary of RGA will reinsure a closed block of U.S. annuity business
and FNWL will continue to service and administer the policies. The
transaction increased RGA’s invested asset base by approximately $2.3
billion.
“This is an important transaction with a global partner of RGA, and the
short time frame of less than four months from initial RFP to completion
demonstrates RGA’s superior ability to execute on behalf of our clients
in meeting their capital and risk-management objectives,” said John
Laughlin, Executive Vice President, Global Financial Solutions, RGA.
“The transaction is a good fit for our asset-intensive business and
advances our strategy of building long-term relationships with clients
based upon our expertise, financial strength, and execution
capabilities.”
The transaction between RGA and FNWL closed on May 17, 2017, with an
effective date of April 1, 2017.
About RGA
Reinsurance Group of America, Incorporated (RGA), a FORTUNE 500 company,
is among the leading global providers of life reinsurance and financial
solutions, with approximately $3.1 trillion of life reinsurance in force
and assets of $53.8 billion as of March 31, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170519005348/en/
Source: Reinsurance Group of America, Incorporated
Reinsurance Group of America, Incorporated
Lynn Phillips,
636-736-2351
Vice President, Corporate Communications
lphillips@rgare.com
or
Jeff
Hopson, 636-736-7000
Senior Vice President, Investor Relations
jhopson@rgare.com
