ST. LOUIS--(BUSINESS WIRE)--Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life, annuity, and health reinsurer, today announced the completion of an annuity reinsurance transaction with Modern Woodmen of America (Modern Woodmen), a member-owned fraternal financial services organization. Under the agreement, an RGA subsidiary will reinsure a seasoned block of U.S. annuity business. Modern Woodmen will continue to service and administer the contracts.
“Collaboration and trust are key qualities necessary to complete a long-term transaction such as this. We are pleased that Modern Woodmen chose RGA as their partner and we are happy that, by working closely together, we were able to tailor a mutually beneficial transaction that meets Modern Woodmen’s specific capital and risk management objectives,” said Larry Carson, Executive Vice President, Global Financial Solutions, RGA. “This transaction continues RGA’s successful strategy to grow our asset-intensive business.”
The Willis Re Life Solutions Group served as the broker for the transaction.
The transaction closed on June 3, 2021, with an effective date of April 1, 2021. Additional terms of the transaction are not being disclosed.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $84.8 billion as of March 31, 2021. Founded in 1973, RGA 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 around the world, 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.