Global insurer MetLife has formed a new entity, MetLife Insurance Company USA, by merging three of its life insurance companies in the US and one former offshore reinsurance subsidiary.
The merged subsidiaries include MetLife Insurance Company of Connecticut, MetLife Investors USA Insurance Company, MetLife Investors Insurance Company and Exeter Reassurance Company.
MetLife has received all necessary regulatory approvals for these mergers.
The decision to merge these subsidiaries was announced by the insurer at the investor day meeting in May 2013, in an effort to de-risk its variable annuity business.
According to MetLife, the mergers allow the company to comply with Dodd-Frank collateral requirements and proactively address regulatory issues surrounding the use of captive reinsurance companies, as well as improve the risk profile and transparency of its US variable annuity business.
The merger does not affect any policy, contract, certificate or retained asset account terms and conditions or benefits, said MetLife.
Established in 1868, MetLife provides life insurance, annuities, employee benefits and asset management services.
It carries out operations in around 50 countries, with leading market positions in the US, Japan, Latin America, Asia, Europe and the Middle East.
Image: MetLife Building (formerly Pan Am building). Photo: courtesy of David Shankbone.