RGA Announces AG 48-Compliant Reserve Financing Agreement
July 06 2016 - 8:15AM
Business Wire
Reinsurance Group of America, Incorporated (NYSE:RGA) today
announced the completion of a transaction with a leading life
insurance company to provide VM20 reserve financing for a block of
term life insurance. The captive reinsurance agreement is one of
the first such transactions in compliance with Actuarial Guideline
48 (“AG 48”), adopted by the National Association of Insurance
Commissioners (“NAIC”), through which the NAIC defined rules to be
followed for life reserve financing transactions completed after
January 1, 2015.
Primary assets in this transaction originate from an affiliate
of RGA, rather than from the direct insurer, in a manner that is
consistent with the regulatory intent of AG 48. Other details of
the transaction are not being disclosed.
“We believe this transaction marks the first AG 48-compliant
captive reinsurance transaction featuring primary assets from a
source other than the direct writer,” said Gary Seifert, Senior
Vice President, North America, Global Financial Solutions, RGA.
“Our Global Financial Solutions team worked closely with our client
to find the most beneficial solution within the AG 48 framework. It
is the latest example of RGA’s expertise in helping our clients
meet evolving regulatory requirements in the U.S. and every other
market we serve.”
About RGA
Reinsurance Group of America, Incorporated (“RGA”) 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 $52.2 billion as of March 31, 2016. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160706005736/en/
Reinsurance Group of America, IncorporatedLynn Phillips,
636-736-2351Executive Director, Public
Relationslphillips@rgare.com
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