RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of global life and health reinsurer RGA, has announced the completion of a transaction with The Manufacturers Life Insurance Company (Manulife) that will see it reinsure longevity risk from an in-force block of Canadian group payout annuities.
In aggregate, RGA Canada will reinsure the longevity risk related to approximately 45,000 annuitants.
Alka Gautam, President and Chief Executive Officer of RGA Canada stated that the company has a long-standing partnership with Manulife and is “proud to implement another customized solution to meet their financial objectives.”
“This innovative longevity transaction deepens the strong collaborative relationship between RGA and Manulife.”
John Laughlin, Executive Vice President, Global Financial Solutions, RGA added, “RGA’s commitment to delivering long-term value to our clients drives us to develop unique solutions to meet their needs.”
“This transaction once again demonstrates RGA’s expertise in longevity risk and our ability to execute transactions for our clients.”