Life and health reinsurance company, Reinsurance Group of America, Incorporated (RGA), has entered into an agreement to acquire 100% of the share capital of Hodge Limited’s PRA authorised life insurer, Hodge Life Assurance Company Limited (HLAC).
HLAC, which has annuity liabilities of roughly £570 million (USD 780 million), intends to stop writing new business from February 19th, 2021, with a suitable time period allowed for both existing quotes and applications to proceed through to deal completion.
Larry Carson, Executive Vice President, Global Financial Solutions, RGA, commented: “The purchase of HLAC demonstrates RGA’s continued strong support of the U.K. market and our commitment to working with our clients around the world to provide capital and risk-management solutions.
“We are delighted to be bringing this business into the RGA family and we believe that RGA provides a strong and stable home for HLAC’s policyholders.”
Regulatory approval is still needed for the deal to be finalised. And, at this time, additional terms of the acquisition have not been disclosed.
Deian Jones, Managing Director at HLAC, said: “The transaction demonstrates a strong cultural fit between RGA and HLAC. The process has been executed swiftly and efficiently, and HLAC’s customers will see a seamless transition as we work towards completion of the transaction.”