Reinsurance Group of America (RGA) has revealed it will acquire the life insurance policy portfolio of cooperative PGGM through its Netherlands life insurance subsidiary, Leidsche Levensverzekeringen Maatschappij.
Netherlands-based PGGM will transfer 75,500 life insurance policies to RGA, under the terms of the proposed closed-block transaction.
Olav Cuiper, executive vice president, EMEA markets, RGA, said: "RGA has a clear growth strategy in the Netherlands. We believe this transaction supports our long-term strategic objectives to capitalise on the realignment of the financial services industry and demonstrates our ability to provide portfolio run-off solutions in the European market.”
RGA, PGGM, Leidsche Levensverzekeringen Maatschappij, Europe