Reinsurance Group of America completes annuity reinsurance deal with Modern Woodmen
Reinsurance Group of America, the global life, annuity, and health reinsurer, has completed an annuity reinsurance transaction with Modern Woodmen of America, a member-owned fraternal financial services organisation.
Under the agreement, which closed on June 3, 2021, with an effective date of April 1, 2021, an RGA subsidiary will reinsure a seasoned block of US annuity business. Modern Woodmen will continue to service and administer the contracts.
The Willis Re Life Solutions Group served as the broker for the transaction.
Larry Carson, executive vice president of global financial solutions at RGA, emphasised the importance of collaboration and trust to enable this long-term transaction.
“By working closely together, we were able to tailor a mutually beneficial transaction that meets Modern Woodmen’s specific capital and risk management objectives,” he said.
RGA said the deal is part of its strategy to grow its asset-intensive business.
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