Citi Sells Reinsurance Block to Munich Re
September 23 2016 - 1:15PM
Business Wire
Citi announced today that it has completed the sale of Financial
Reassurance Company 2010, Ltd. (“FRAC”), a special purpose
financial insurance company, to a subsidiary of Munchener
Ruckversicherungs-Gesellschaft Aktiengesellschaft (“Munich Re”).
FRAC reinsures a block of term life insurance policies issued by
Primerica Life Insurance Company of Canada, a subsidiary of
Primerica, Inc., which were in force as of December 18, 2009.
The transaction resulted in a reduction of approximately $460
million of assets from Citi Holdings’ balance sheet. FRAC was
reported as a part of Citi Holdings, which consists of businesses
and portfolios of assets that Citigroup has determined are not
central to its core franchise. Financial terms of the transaction
were not disclosed.
Citi Holdings CEO Francesco Vanni d'Archirafi said, "This
transaction is a positive outcome for Citi and joins this business
with an industry leader, Munich Re. It also represents yet
another step in our strategy to reduce the assets and businesses in
Citi Holdings."
Citi's Institutional Clients Group advised Citi on this
transaction. Skadden, Arps, Slate, Meagher & Flom LLP, Primmer
Piper Eggleston & Cramer PC and Blake, Cassels
& Graydon LLP served as legal advisors to Citi.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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