RGA to Acquire Life Insurance Portfolio from PGGM
August 20 2015 - 9:00AM
Business Wire
Reinsurance Group of America,
Incorporated, (NYSE:RGA) today announced that its
Netherlands life insurance subsidiary, Leidsche Levensverzekeringen
Maatschappij N.V., will acquire the life insurance policy portfolio
of PGGM Levensverzekeringen under a Part 7 portfolio transfer
agreement. Under the terms of the proposed closed-block
transaction, PGGM will transfer 75,500 life insurance policies to
RGA. PGGM, a Netherlands-based cooperative, offers its
institutional clients asset management, pension fund management,
and consultancy.
"RGA has a clear growth strategy in the Netherlands,” said Olav
Cuiper, Executive Vice President, EMEA Markets, RGA. “We believe
this transaction supports our long-term strategic objectives to
capitalize on the realignment of the financial services industry
and demonstrates our ability to provide portfolio run-off solutions
in the European market.”
In accordance with the agreement, additional terms of the
transaction are not being disclosed.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150820005237/en/
Reinsurance Group of America, IncorporatedLynn Phillips,
636-736-2351Executive Director, Public
Relationslphillips@rgare.comorSally Smith, 636-736-8167Vice
President, Corporate Communicationsssmith@rgare.comorJeff Hopson,
636-736-2068Senior Vice President, Investor
Relationsjhopson@rgare.com
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