Reinsurance News
Reinsurance Group of America
LGRA and RGA complete $700mn pension risk transfer with FirstEnergy
14th March 2024
Legal & General Retirement America (LGRA) and Reinsurance Group of America (RGA) have partnered to complete a $700 million pension risk transfer (PRT) transaction with US-based FirstEnergy. The transaction will secure the retirement benefits of approximately 2,000 retirees from the investor-owned electric utilities company. LGRA is lead administrator and will be fully ... Read the full article
Prudential and RGA in $5.9bn pension risk transfer for Verizon
7th March 2024
Prudential Financial and Reinsurance Group of America (RGA) have been selected for a pension risk transfer involving Verizon Communications, settling approximately $5.9 billion of Verizon pension liabilities and providing retirement security for a population that includes 56,000 Verizon retirees and their beneficiaries. Under the terms of the transactions, Prudential and RGA ... Read the full article
RGA reports Q4’23 premium growth of 19.2%
2nd February 2024
Reinsurance Group of America (RGA), a global life and health reinsurer, has reported fourth-quarter 2023 premium growth of 19.2% over the prior-year quarter as consolidated net premiums hit $4.1 billion. Net premiums for the quarter include a $500 million contribution from a single premium pension risk transfer transaction in the U.S. ... Read the full article
RGA enters €900m reinsurance transaction with Baloise in Belgium
1st February 2024
RGA International, a subsidiary of Reinsurance Group of America, Incorporated, has entered into a reinsurance transaction with the Belgian subsidiary of Baloise Holdings AG. Cormac Galvin, Senior Vice President, Head of EMEA, Global Financial Solutions, RGA, commented, “RGA’s expansion in the Continental Europe asset-intensive reinsurance market underscores our deep expertise and ... Read the full article
RGA names Sunil Sharma as India CEO
25th January 2024
Reinsurance Group of America, Incorporated (RGA) has named Sunil Sharma as the country Chief Executive Officer (CEO) for RGA Life Reinsurance Company of Canada India Branch (RGA India). The appointment is subject to approval from the Insurance Regulatory and Development Authority of India. Arthur Ozeki, Executive Vice President, Head of Asia Pacific, ... Read the full article
RGA enters global life and health reinsurance partnership with DigitalOwl
17th January 2024
Reinsurance Group of America, Incorporated has announced a strategic investment and exclusive global life and health reinsurance partnership with insurance technology company DigitalOwl. Yuval Man, Co-Founder and CEO of DigitalOwl, commented, "With applications across numerous disciplines, including underwriting, automation, claims, and in-force analysis, DigitalOwl’s technology addresses inefficiencies that have plagued the ... Read the full article
Tony Cheng begins tenure as CEO of RGA
5th January 2024
It was announced a year ago that Tony Cheng would succeed Anna Manning, who has now left Reinsurance Group of America (RGA) after roughly 17 years of service, as Chief Executive Officer (CEO) of the life and health reinsurer. Cheng joined RGA in 1997, and took over from Manning as President ... Read the full article
RGA launches third-party life reinsurer Ruby Re
6th December 2023
Reinsurance Group of America (RGA), a global life and health reinsurer, has launched Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting US asset-intensive business. According to the announcement, Ruby Re has closed its first round of funding and secured equity capital commitments from lead investors Golub Capital, ... Read the full article
RGA posts strong premium growth and Q3’23 net income of $287m
3rd November 2023
Global provider of life and health reinsurance, Reinsurance Group of America (RGA), has reported Q3 2023 consolidated net premium growth of 31% year over year, as the firm returned to profit in the period. Net premiums increased from $3.3 billion to $4.3 billion in Q3 2023, and rose from $9.6 billion ... Read the full article
Michele Bang joins RGA’s Board of Directors
2nd October 2023
Leading global life and health reinsurance firm, Reinsurance Group of America, Incorporated (RGA), has appointed Michele Bang to its Board of Directors A highly experienced veteran across the industry, Bang previously served as the Deputy Chief Executive Officer of Eastspring Investments, the Asia asset management arm of Prudential plc. During her tenure ... Read the full article
Munich Re ranked largest reinsurer for third year running by AM Best
22nd August 2023
After taking the top spot from Swiss Re in 2020, the latest data from ratings agency AM Best confirms that German reinsurer Munich Re remains the world's largest reinsurance company when ranked by gross life and non-life premiums written in 2022. With reinsurance gross premiums written (GPW) of ... Read the full article
BT Pension Scheme completes £5bn longevity swap with RGA
1st August 2023
The BT Pension Scheme (BTPS) has entered into a longevity reinsurance arrangement with Reinsurance Group of America (RGA) which will further protect BTPS from the cost of unexpected increases in the life expectancy of its members. As mentioned, the arrangement covers £5bn of BTPS pensioner liabilities and follows the £16bn ... Read the full article
LGRA & RGA enter into $309m PRT transaction with PPG
31st May 2023
Legal & General Retirement America (LGRA) & Reinsurance Group of America (RGA) have entered into a $309 million pension risk transfer (PRT) transaction with PPG. PPG is a Pittsburgh-based Fortune 500 global leader in manufacturing paints, coatings and specialty materials. The lift-out covers over 4,000 retirees and beneficiaries with benefits under a ... Read the full article
RGA’s Chris Noyes joins PartnerRe’s US Life & Health team
17th May 2023
Chris Noyes has joined PartnerRe as a Client Partner on the firm’s US Life & Health team. He joins PartnerRe from Reinsurance Group of America (RGA) where he most recently served as Vice President of Business Development, U.S. Mortality Markets. In a statement, PartnerRe CEO, North America Life, Chris Shanahan said: “I am ... Read the full article
RGA completes transfer of HLAC to Omnilife Insurance Company
9th May 2023
Global life and health reinsurer Reinsurance Group of America (RGA) has completed the transformation of the Hodge Life Assurance Company Limited (HLAC) business that it purchased in July of 2021. According to RGA, HLAC’s insurance business was transferred to another group company, Omnilife Insurance Company Limited, under a Financial Services and ... Read the full article
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