RGA to acquire life insurance portfolio from PGGM

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.”