RGA reinsures £900m LV= annuity business block

Reinsurance Group of America (RGA) has completed an asset and longevity risk transaction with Liverpool Victoria Friendly Society (LV=) where it will reinsure approximately £900 million in individual annuity business.

“This transaction supports RGA’s key initiative to expand asset-intensive partnerships in the European market,” said John Laughlin, executive vice president, global financial solutions at RGA.

“Creating an innovative structure allowed RGA to develop an attractive longevity, risk, and asset strategy that provides significant capital and risk benefit for LV=," Laughlin noted.

Mark Laidlaw, chief capital and investment officer at LV=, added: “This transaction is a key part of the risk management and capital efficiency programme LV= has been running for a number of years which is focused on reducing the volatility of our Solvency II balance sheet and member outcomes.”

RGA has approximately $3.3 trillion of life reinsurance in force and assets of $58.7 billion as of September 30, 2017.

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