19 May 2017Insurance

RGA to reinsure Zurich unit's $2.3bn annuity book

Zurich Insurance Group's subsidiary Farmers New World Life has signed an agreement with Reinsurance Group of America (RGA) to reinsure a portion of its closed US annuity book, representing reserves of roughly $2.3 billion.

The company stated that the transaction reflects Zurich management's continued efforts to reduce tail risk, make better use of capital and enhance the overall profitability of the group.

"The transaction with Reinsurance Group of America is another example of how the group actively manages its capital and sharpens its business profile," said George Quinn, group chief financial officer of Zurich.

"This transaction reduces risk and continues the process of simplifying the group and releasing capital from non-core activities as communicated at the time of our investor day in 2016."

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

6 October 2017   As more reinsurers seek to grow their life & health portfolios, Intelligent Insurer spoke to Anna Manning, CEO of RGA, the one reinsurer whose primary focus is this area, to establish whether things there are really as rosy as its rivals hope.
22 June 2017   Reinsurance Group of America (RGA) has backed Berlin-based insurtech start-up Getsurance to launch 'the first European digital life insurance solution'.
28 July 2017   The Reinsurance Group of America’s (RGA) EMEA and Asia-Pacific segments had a favourable second quarter, although the group’s overall net income has slightly dipped compared with the prior-year quarter.