Reinsurance Group of America (RGA), a life and health reinsurance company, has announced a coinsurance transaction with the American National Insurance Company.
The deal saw RGA reinsuring a diversified block of life business.
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It involved the transfer of around $3.5bn of American National’s statutory reserves to RGA’s subsidiaries.
This will not impact policyholder service and support, which will continue to be handled by American National.
Wells Fargo was the exclusive financial advisor to RGA, while Clifford Chance US provided legal counsel for the deal.
RGA executive vice-president of US individual life Senan O’Loughlin said: “We are pleased to expand our relationship with American National as a valued client through this tailored coinsurance agreement. This transaction exemplifies our close collaboration with clients and comprehensive understanding of their needs, enabling us to execute solutions aligned with their strategic business objectives.
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By GlobalData“Our proven expertise in customised reinsurance empowers us to deliver robust risk management solutions that provide insurers financial flexibility to help them navigate today’s complex regulatory and economic landscape.”
Established in 1973, RGA holds around $3.8trn in life reinsurance and $109.9bn in assets as of 30 June 2024.
Meanwhile, last month, RGA signed a coinsurance agreement with South Korea’s Tongyang Life Insurance Company.
RGA described the deal as South Korea’s first cross-jurisdictional coinsurance transaction, involving an RGA subsidiary reinsuring a 200bn won ($149.71bn) block of existing life policies.
In May, RGA agreed with Tokio Marine & Nichido Life Insurance (Anshin Life) to reinsure a Y100bn ($692.83m) block of paid-up whole life policies.
These agreements come alongside the appointment of Axel André as RGA’s new CFO, replacing Todd Larson.
André joined RGA from American Equity Investment Life Insurance Company, where he had served as executive vice-president and CFO since 2021.
