RGA buys PRA authorised UK life insurer HLAC
Global life and health reinsurer Reinsurance Group of America (RGA) has entered into an agreement to acquire 100 percent of the share capital of Hodge Life Assurance Company (HLAC), which is authorised by the UK's Prudential Regulation Authority (PRA).
HLAC, which has annuity liabilities of approximately £570 million ($780 million), plans to cease writing new business from February 19, with an appropriate time period allowed for existing quotes and applications to proceed through to completion.
The completion of the transaction is subject to regulatory approval.
“The purchase of HLAC demonstrates RGA’s continued strong support of the UK market and our commitment to working with our clients around the world to provide capital and risk-management solutions,” said Larry Carson, executive vice president of global financial solutions at RGA. “We are delighted to be bringing this business into the RGA family and we believe that RGA provides a strong and stable home for HLAC’s policyholders.”
Deian Jones, managing director of HLAC, commented: “The transaction demonstrates a strong cultural fit between RGA and HLAC. The process has been executed swiftly and efficiently, and HLAC’s customers will see a seamless transition as we work towards completion of the transaction.”
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