Global life and health reinsurer Reinsurance Group of America (RGA) has completed the transformation of the Hodge Life Assurance Company Limited (HLAC) business that it purchased in July of 2021.
According to RGA, HLAC’s insurance business was transferred to another group company, Omnilife Insurance Company Limited, under a Financial Services and Marketing Act 2000 Part VII transfer.
The firm states that the legal and regulatory process has been completed, as planned, within 12 months.
Peter Banthorpe, Managing Director, RGA U.K., commented, “Omnilife is RGA’s U.K. consolidation vehicle with strategic plans to acquire additional insurance portfolios.
“The acquisition of HLAC is Omnilife’s second transaction, and the timely completion of the Part VII transfer demonstrates further the Omnilife team’s capability in executing and integrating these deals.”
RGA adds that from a customer point of view, all HLAC policyholders have now been transferred to Omnilife and welcome letters issued to all customers. No liabilities remain in HLAC, and the company will therefore be deauthorized.
Deian Jones, CEO, Omnilife and HLAC, said, “Providing a seamless experience to our customers has been a key priority underpinning the Part VII transfer. We are very pleased to welcome the HLAC policyholders to Omnilife.”
In related news, in its Q1 2023 results, RGA reported a net income of $252 million, while net premiums jumped 7.3% to $3.4 billion.