NN Re (Ireland), the reinsurance entity of insurance and asset management company NN Group, has signed a portfolio transfer agreement with Canada Life International Re.
As a result of the transfer, NN Re (Ireland) is expected to hand back its reinsurance license and repatriate capital for an amount of approximately €65 million ($72.6 million) to NN Group in the fourth quarter of 2016.
The transfer and capital repatriation are expected to result in a total after-tax loss of around €25 million.
According to NN Group, the transactions will not impact its reinsurance business in the Netherlands.