Global life and health reinsurer RGA has successfully completed a longevity reinsurance transaction with Athora Netherlands, a leading pension provider in the Dutch market.
The transaction covers an inforce portfolio of around 46,000 individual annuity policies written by Athora in the Netherlands with total reserves of approximately €3.3 billion.
As part of the agreement, longevity risk is transferred to RGA over the full remaining term of the underlying portfolio.
“We are very pleased to have worked with Athora to complete this transaction. This deal is representative of the guiding principles of RGA – to work closely with our clients and partners to develop customized solutions to help them address financial challenges and position themselves for future growth,” said Olav Cuiper, Executive Vice President, Head of RGA EMEA.
“We are actively working to grow our longevity business in continental Europe, and we are proud to build on our past groundbreaking transactions in the Netherlands and France and our strong franchise in the U.K.”
“By collaborating with RGA, we were able to use their local market knowledge and global expertise to build an attractive solution to meet our risk capital and management goals,” said Etienne Comon, Chief Capital & Investment Officer, Athora Netherlands. “Our strong partnership with RGA made the process smooth and beneficial for both parties.”