RGA to Reinsure $90 Billion In-Force Mortality Block from Voya Financial
ST. LOUIS, September 10, 2015 – 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.
“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.