Reinsurance Group of America Announces Longevity Reinsurance Transaction With Western & Southern
16 December 2022 - 8:30AM
Business Wire
Reinsurance Group of America, Incorporated (NYSE: RGA), a
leading global life and health reinsurer, today announced the
completion of a longevity reinsurance transaction with
Cincinnati-based Western & Southern Financial Group (Western
& Southern), a diversified family of financial services
businesses and one of the strongest life insurance groups in the
world. The US$ 1.7 billion longevity swap transaction covers
approximately 11,000 single premium immediate annuity
contracts.
“As demand for longevity risk management tools increases across
the U.S., RGA is eager to work with clients to develop solutions
that meet their specific needs,” said David Lipovics, Vice
President, U.S. Pension Risk Solutions, RGA. “We credit our strong
relationship with Western & Southern, as well as the dedicated
teams from both companies, who collaborated exceptionally well to
design, structure, and effectively complete this transaction.”
“Our relationship with RGA is a valuable part of our overall
risk management strategy, making them an ideal partner for this
transaction,” said Jacob Steuber, Vice President, Actuarial
Analysis, Western & Southern. “RGA was able to customize a
solution that helps us maintain a desirable risk profile while
continuing to offer competitive retirement solutions, and their
support through this transaction and continued partnership into the
future are greatly appreciated.”
The transaction will be effective as of March 31, 2022.
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 one of the world’s
largest and most respected reinsurers and is guided by a
fundamental purpose: to make financial protection accessible to
all. RGA is widely recognized for superior risk management and
underwriting expertise, innovative product design, and dedicated
client focus. RGA serves clients and partners in key markets around
the world and has approximately $3.3 trillion of life reinsurance
in force and assets of $82.7 billion as of September 30, 2022. To
learn more about RGA and its businesses, visit www.rgare.com.
Follow RGA on LinkedIn and Facebook.
About Western & Southern Financial Group
Founded in Cincinnati in 1888 as The Western and Southern Life
Insurance Company, Western & Southern Financial Group, Inc., a
Fortune 500 company, is the parent company of a group of
diversified financial services businesses. Its assets owned ($66
billion) and managed ($35 billion) totaled $101 billion as of June
30, 2022. Western & Southern is one of the strongest life
insurance groups in the world. Its seven life insurance
subsidiaries (The Western and Southern Life Insurance Company,
Western-Southern Life Assurance Company, Columbus Life Insurance
Company, Gerber Life Insurance Company, Integrity Life Insurance
Company, The Lafayette Life Insurance Company, and National
Integrity Life Insurance Company) maintain very strong financial
ratings. Other member companies include Eagle Realty Group, LLC;
Fort Washington Investment Advisors, Inc.;1 IFS Financial Services,
Inc.; Touchstone Advisors, Inc.;1 Touchstone Securities, Inc.;2
W&S Brokerage Services, Inc.;1,2 and W&S Financial Group
Distributors, Inc. Western & Southern is the title sponsor of
seven major community events every year, including the Western
& Southern Open, a premier event in the U.S. Open Series played
each August by the world’s top-ranked professional male and female
tennis players.
1 A registered investment adviser. 2 A registered broker-dealer
and member FINRA/SIPC. Review our current financial ratings.
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version on businesswire.com: https://www.businesswire.com/news/home/20221215006054/en/
Lynn Phillips Vice President, Corporate Communications
636-736-2351 lphillips@rgare.com
Lizzie Curry Director, Public Relations 636-736-8521
lizzie.curry@rgare.com
Jeff Hopson Senior Vice President, Investor Relations
636-736-2068 jhopson@rgare.com
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