ST. LOUIS--(BUSINESS WIRE)--Reinsurance Group of America, Incorporated (NYSE:RGA) today announced the completion of an asset-intensive transaction with Farmers New World Life (FNWL), a subsidiary of Zurich Insurance Group. Under the agreement, a subsidiary of RGA will reinsure a closed block of U.S. annuity business and FNWL will continue to service and administer the policies. The transaction increased RGA’s invested asset base by approximately $2.3 billion.
“This is an important transaction with a global partner of RGA, and the short time frame of less than four months from initial RFP to completion demonstrates RGA’s superior ability to execute on behalf of our clients in meeting their capital and risk-management objectives,” said John Laughlin, Executive Vice President, Global Financial Solutions, RGA. “The transaction is a good fit for our asset-intensive business and advances our strategy of building long-term relationships with clients based upon our expertise, financial strength, and execution capabilities.”
The transaction between RGA and FNWL closed on May 17, 2017, with an effective date of April 1, 2017.
Reinsurance Group of America, Incorporated (RGA), a FORTUNE 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.1 trillion of life reinsurance in force and assets of $53.8 billion as of March 31, 2017. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.