RGA to Reinsure $90 Billion In-Force Mortality Block from Voya Financial
10 September 2015 - 10:30PM
Business Wire
Reinsurance Group of America, Incorporated (NYSE: RGA) and Voya
Financial, Inc. (NYSE: VOYA) today announced the execution of
agreements in which RGA will reinsure a block of in-force term
insurance policies issued by Voya Financial. RGA will reinsure
approximately $90 billion of life insurance in force, comprising
approximately 155,000 policies written between 2008-2011.
“This transaction is consistent with RGA’s growth strategies,
allowing us to leverage our deep expertise and understanding of the
U.S. Mortality Market,” said Anna Manning, Senior Executive Vice
President, Global Structured Solutions, RGA. “Voya is a
long-standing partner with whom we have built a strong alliance
over the years, and we are pleased once again to provide them with
a solution to their capital and risk management needs. We believe
this transaction will further strengthen our relationship and
highlight RGA’s commitment to long-term partnerships with our
clients.”
Under the terms of the deal, Voya will continue to handle
administration of the business. The transaction is expected to
close during the fourth quarter of 2015 subject to regulatory
approvals and other customary closing conditions.
About RGA
Reinsurance Group of America, Incorporated is one of the largest
global life and health reinsurance companies in the world. The
company provides clients with individual life reinsurance,
individual living benefits reinsurance, group reinsurance, health
reinsurance, financial solutions, facultative underwriting and
product development. RGA and its subsidiaries serve clients from
operations in Australia, Barbados, Bermuda, Canada, China, France,
Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico,
the Netherlands, New Zealand, Poland, Singapore, South Africa,
South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the
United Kingdom, and the United States. Worldwide, RGA has
approximately $2.9 trillion of life reinsurance in force and assets
of $47.5 billion.
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version on businesswire.com: http://www.businesswire.com/news/home/20150910005769/en/
Reinsurance Group of AmericaPublic Relations:Lynn Phillips,
636-736-2351Executive Directorlphillips@rgare.comorCorporate
Communications:Sally Smith, 636-736-8167Vice
Presidentssmith@rgare.comorInvestor Relations:Jeff Hopson,
636-300-6106Senior Vice Presidentjhopson@rgare.com
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