Reinsurance Group of America (RGA) has reached an agreement with Voya Financial, formerly ING US, to reinsure approximately $104bn of in-force life insurance.
As per terms of the transaction, the agreements will provide RGA almost 170,000 term level life insurance policies.
Other terms of the transaction, which is likely to conclude during the fourth quarter this year, weren’t disclosed. The deal is subject to regulatory approvals and other customary closing conditions.
Commenting on the deal, president and CEO Greig Woodring said: "This transaction leverages RGA’s deep expertise and understanding of the U.S. mortality market, and aligns well with our disciplined global acquisitions strategy.
"We are pleased to further strengthen our long-term customer relationship with Voya Financial through this transaction."
Chesterfield-based RGA operates as one of the largest life reinsurance firms in the world.
The company offers living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development services.
According to RGA, its client list includes form 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 UAE, the UK and the US.
RGA has approximately $3trn of life reinsurance in force and assets of $43.2bn, across the globe.
Image: RGA agrees to purchase $104bn Voya Financial’s insurance portfolio. Photo: courtesy of adamr/freedigitalphotos.net.