ST. LOUIS--(BUSINESS WIRE)--Feb. 1, 2024--
Reinsurance Group of America, Incorporated (NYSE: RGA) today announced it has executed an asset-intensive reinsurance transaction in Continental Europe with the Belgian subsidiary of Baloise, one of the leading insurers in Belgium [Baloise Belgium NV].
The underlying portfolio consists of approximately 57,000 individual life insurance policies with guaranteed minimum returns and total reserves of approximately €900 million. The transaction includes collateral in a custody account supporting RGA’s liabilities.
“RGA’s expansion in the Continental Europe asset-intensive reinsurance market underscores our deep expertise and strong position in the European market,” said Cormac Galvin, Senior Vice President, Head of EMEA, Global Financial Solutions, RGA. “Our team is proud to be a strategic partner to Baloise, providing the guidance and support to enhance their financial efficiency.”
“RGA responded to our risk and capital management needs with a strong solution,” said Wim Kinnet, CFO, Baloise Belgium. “RGA has demonstrated to be an excellent partner in addressing the various complexities and intricacies of the current transaction.”
Additional terms of the transaction are not being disclosed.
For more information about RGA’s Global Financial Solutions, please visit www.rgare.com.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 2023. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
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Source: Reinsurance Group of America, Incorporated