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Life reinsurance news

Empower in $3.3bn acquisition of MassMutual’s retirement plan business

9th September 2020

Empower Retirement is set to acquire the retirement plan business of mutual life insurer MassMutual in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the balance sheet of the transferred business will be supported by $1 billion of required capital when combined with Empower’s existing US business. Through ... Read the full article

Monument Re acquires Charles Taylor’s Isle of Man operations

25th August 2020

Life reinsurance and insurance holding company, Monument Re, has reached an agreement to acquire Charles Taylor Group's Isle of Man businesses. The purchase mostly consists of Charles Taylor's life insurance entity, LCL International Life Assurance Company Limited, and Charles Taylor Holdings Limited. Financial terms of the deal were not disclosed and the ... Read the full article

RGA reduces COVID-19 mortality claims estimate by $200mn

12th August 2020

Life reinsurer Reinsurance Group of America, Incorporated (RGA) has decreased its estimate of extra pre-tax mortality claim costs for the COVID-19 pandemic by approximately $200 million. In Q1, RGA provided an illustration of the potential impact of the pandemic on global mortality claims, based on a scenario that included 100,000 deaths ... Read the full article

Pacific Life Re hires Sarah Teehan from SCOR

30th July 2020

Life reinsurer, Pacific Life Re, has announced the appointment of Sarah Teehan as Head of Protection in Europe. Teehan’s appointment comes after James Tait’s move from the beginning of this year from Head of Protection at Pacific Life Re to CEO at UnderwriteMe. Teehan is a qualified Actuary and joins Pacific Life ... Read the full article

Verisk launches Life Risk Navigator software platform

22nd July 2020

Data analytics provider Verisk has announced the release of Life Risk Navigator, a cloud-based stochastic risk modelling platform to inform risk selection, quantify changes in mortality rate, and improve hedging strategies. The analytics provided by Life Risk Navigator are driven by Verisk’s Life Risk Models, a set of probabilistic risk models ... Read the full article

RGA agrees to sell its Dutch life insurer to De Goudse

7th July 2020

Life reinsurer, Reinsurance Group of America, Incorporated (RGA) has reached an agreement to sell its Dutch life insurance firm, Leidsche Verzekering Maatschappij N.V. (Leidsche), to De Goudse N.V., an all-round insurer. Terms of the transaction have not been disclosed and the deal remains subject to approval of the Competition Authority, De ... Read the full article

Prosperity Life acquires closed-book businesses from National Guardian Life

11th June 2020

National Guardian Life Insurance Company (NGL) has announced an agreement to sell certain closed-block businesses to Prosperity Life Assurance Limited (Prosperity Life). The businesses in question have combined net statutory reserves of approximately $400 million and consist of life, annuity and A&H lines. “This reinsurance transaction with NGL launches Prosperity Life Assurance ... Read the full article

Japanese life insurers see core profits weaken over 2019: Moody’s

10th June 2020

The four major Japanese life insurers reported a 5.8% decline in their combined core profits over the fiscal year 2019, according to analysts at Moody’s. The rating agency attributed the decrease to a revision in mortality table, and warned that capital and profitability remain at risk in the current environment. The four ... Read the full article

Allianz & Generali eyeing life asset divestment: reports

28th May 2020

European insurance giants Allianz and Generali could be preparing to sell billions of euros of life insurance assets in order to free up capital amid the COVID-19 pandemic, according to reports from Bloomberg. Sources told the publication that Allianz has been working with Morgan Stanley to divest as much as €9 ... Read the full article

Innovative tech & new markets suggest continued growth for L&G Re: CEO, Olunloyo

21st May 2020

L&G Re, the global reinsurance arm of L&G, has experienced rapid growth in recent years, and the life reinsurer’s increased focus on advanced technology points to continued expansion for the company and the wider pension risk transfer (PRT) market, according to Chief Executive Officer (CEO), Thomas Olunloyo. In an interview with ... Read the full article

RGAX partners with insurtech Socotra to develop life products

13th May 2020

RGAX, a subsidiary of Reinsurance Group of America, Incorporated (RGA), has partnered with insurtech firm Socotra to help develop new life insurance products. Using Socotra as its policy administration system, RGAX will look to develop new products for its subsidiary, Greenhouse Life Insurance (Greenhouse Life). RGAX first partnered with Socotra in 2017 ... Read the full article

US life/health industry achieves 13% income growth: AM Best

29th April 2020

The US life and health industry achieved 12.6% growth in net income for 2019, finishing the year at $45.6 billion, according to analysts at AM Best. According to a new report from the rating agency, the life/annuity industry’s total income for 2019 increased by 3.0% to $872.3 billion compared with the ... Read the full article

AM Best turns negative on France, Italy & UK life markets

7th April 2020

AM Best has revised its outlook for the life insurance markets in France, Italy and the UK to negative, due to concerns about the financial and economic headwinds caused by the coronavirus (COVID-19) pandemic. In France, the rating agency noted that technical margins have already been under pressure for a number ... Read the full article

Life re/insurers well positioned to handle COVID-19 risks: S&P

1st April 2020

Analysts at S&P Global Ratings believe the North American life re/insurance industry is well-positioned to handle the immediate impact of the coronavirus (COVID-19) pandemic, despite significant escalation for certain risks. In particular, life insurers will face higher asset risk, S&P said, as well as equity market volatility, near-zero interest rates, and ... Read the full article

Fitch turns negative on US life due to virus concerns

17th March 2020

Fitch Ratings has revised its rating outlook for the US life insurance industry from stable to negative, due to increased concerns about the coronavirus outbreak and its potential impacts on the credit quality of life insurers. Analysts explained that the outlook revision reflected greater uncertainties about disruptions in the financial markets, ... Read the full article

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