Reinsurance Group of America, a global life and health reinsurer, has completed a $1.7bn longevity swap transaction with Western & Southern Financial Group.
According to the announcement, the transaction covers approximately 11,000 single premium immediate annuity contracts.
It will be effective as of March 31, 2022. Additional terms of the transaction were not disclosed.
David Lipovics, Vice President, U.S. Pension Risk Solutions, RGA, commented: “As demand for longevity risk management tools increases across the U.S., RGA is eager to work with clients to develop solutions that meet their specific needs.
“We credit our strong relationship with Western & Southern, as well as the dedicated teams from both companies, who collaborated exceptionally well to design, structure, and effectively complete this transaction.”
Jacob Steuber, Vice President, Actuarial Analysis, Western & Southern, said: “Our relationship with RGA is a valuable part of our overall risk management strategy, making them an ideal partner for this transaction.”
“RGA was able to customise a solution that helps us maintain a desirable risk profile while continuing to offer competitive retirement solutions, and their support through this transaction and continued partnership into the future are greatly appreciated.”
