Life and health reinsurer, Reinsurance Group of America, has reached an agreement with The Dai-ichi Life Insurance Company to reinsure 200 billion JPY ($1.8 billion) of statutory reserves through coinsurance.
The transaction took place at the end of March with additional terms of the transaction not currently being disclosed.
Larry Carson, Executive Vice President, Global Financial Solutions, RGA commented: “Following on a transaction we completed with Dai-ichi last year, we are excited to continue to work with them to optimise capital and grow our strong partnership.
“We have a steady pipeline of opportunities available in Japan and across Asia, and we expect continued growth of our asset intensive business in the Asia market.”
Dai-ichi said in a statement: “Our longstanding relationship with RGA made them an ideal partner in this transaction. We were able to tailor a solution to meet our specific needs, and we appreciate RGA’s support as we work to reinforce our balance sheet.”