ST. LOUIS, MO -- (Marketwired) -- 10/21/14 --
Reinsurance Group of America, Incorporated ("RGA") today announced the execution of agreements under which RGA will acquire all of the stock of Aurora National Life Assurance Company ("Aurora"), a wholly owned life insurance subsidiary of Swiss Re.
Aurora, which is part of Swiss Re's Admin Re business in the U.S., has approximately 82,000 policies in force and statutory policyholder liabilities of $2.7 billion. The underlying business is comprised of approximately two-thirds annuities, primarily payout annuities, and one-third interest-sensitive life products. Aurora has not written significant new business in over 20 years. Computer Sciences Corporation's subsidiary, Alliance-One Services, Inc., will continue to administer the business on behalf of RGA.
"We are pleased to announce this transaction which follows our strategy to deploy capital into attractive, closed block opportunities," said Scott Cochran, Executive Vice President, Global Acquisitions, RGA. "This opportunity demonstrates our ability to leverage our deep knowledge of the U.S. market while expanding RGA's closed block capabilities."
The transaction is expected to close in early 2015 subject to customary regulatory approvals. Sidley Austin LLP acted as legal advisor to RGA in the transaction.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA), one of the largest global life reinsurance companies in the world, provides clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development. The company serves 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 $3.0 trillion of life reinsurance in force and assets of $43.2 billion.
For further information, please contact:
Jeff Hopson
Senior Vice President
Investor Relations
T 636.300.6106
Email Contact
Sally Smith
Vice President
Corporate Communications
T 636.736.8167
Email Contact
Source: RGA
