RGA to Acquire Life Insurance Portfolio from PGGM
AMSTERDAM, August 20, 2015 – Reinsurance Group of America, Incorporated, (NYSE: RGA) today announced that its Netherlands life insurance subsidiary, Leidsche Levensverzekeringen Maatschappij N.V., will acquire the life insurance policy portfolio of PGGM Levensverzekeringen under a Part 7 portfolio transfer agreement. Under the terms of the proposed closed-block transaction, PGGM will transfer 75,500 life insurance policies to RGA. PGGM, a Netherlands-based cooperative, offers its institutional clients asset management, pension fund management, and consultancy.
"RGA has a clear growth strategy in the Netherlands,” said Olav Cuiper, Executive Vice President, EMEA Markets, RGA. “We believe this transaction supports our long-term strategic objectives to capitalize on the realignment of the financial services industry and demonstrates our ability to provide portfolio run-off solutions in the European market.”
In accordance with the agreement, additional terms of the transaction are not being disclosed.
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.
"RGA has a clear growth strategy in the Netherlands,” said Olav Cuiper, Executive Vice President, EMEA Markets, RGA. “We believe this transaction supports our long-term strategic objectives to capitalize on the realignment of the financial services industry and demonstrates our ability to provide portfolio run-off solutions in the European market.”
In accordance with the agreement, additional terms of the transaction are not being disclosed.
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.