RGA Announces Annuity Reinsurance Transaction With Modern Woodmen

Rhea-AI Summary

Reinsurance Group of America, Incorporated (RGA) has successfully completed an annuity reinsurance transaction with Modern Woodmen of America. This agreement involves RGA's subsidiary reinsuring a seasoned block of U.S. annuity business, while Modern Woodmen will handle contract servicing. The transaction, effective April 1, 2021, closed on June 3, 2021. RGA aims to enhance its asset-intensive business, demonstrating its commitment to tailored solutions for clients. RGA manages approximately $3.4 trillion in life reinsurance in force and possesses $84.8 billion in assets as of March 31, 2021.

Positive

• Successful completion of a significant annuity reinsurance transaction.
• Strengthens RGA's asset-intensive business strategy.
• Demonstrates RGA's ability to provide tailored solutions to clients.

Negative

• None.

Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life, annuity, and health reinsurer, today announced the completion of an annuity reinsurance transaction with Modern Woodmen of America (Modern Woodmen), a member-owned fraternal financial services organization. Under the agreement, an RGA subsidiary will reinsure a seasoned block of U.S. annuity business. Modern Woodmen will continue to service and administer the contracts.

“Collaboration and trust are key qualities necessary to complete a long-term transaction such as this. We are pleased that Modern Woodmen chose RGA as their partner and we are happy that, by working closely together, we were able to tailor a mutually beneficial transaction that meets Modern Woodmen’s specific capital and risk management objectives,” said Larry Carson, Executive Vice President, Global Financial Solutions, RGA. “This transaction continues RGA’s successful strategy to grow our asset-intensive business.”

The Willis Re Life Solutions Group served as the broker for the transaction.

The transaction closed on June 3, 2021, with an effective date of April 1, 2021. Additional terms of the transaction are not being disclosed.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $84.8 billion as of March 31, 2021. Founded in 1973, RGA is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210608005192/en/

FAQ

What is the recent transaction completed by RGA with Modern Woodmen of America?

RGA completed an annuity reinsurance transaction with Modern Woodmen, involving the reinsurance of a block of U.S. annuity business.

When was the transaction between RGA and Modern Woodmen closed?

The transaction closed on June 3, 2021.

What is the effective date of the RGA and Modern Woodmen transaction?

The effective date of the transaction is April 1, 2021.

What is RGA's strategy regarding asset-intensive business?

RGA aims to grow its asset-intensive business through tailored transactions like the one with Modern Woodmen.

How much life reinsurance does RGA manage?

RGA manages approximately $3.4 trillion of life reinsurance in force.