Reinsurance Group of America (RGA), a provider of life and health reinsurance, has announced it has finalised a deal with American National Insurance Company, a provider of insurance and financial services, and its affiliates to reinsure a varied portfolio of life insurance business through a coinsurance arrangement.

As part of the agreement, around $3.5 billion of American National’s statutory reserves will be shifted to RGA’s subsidiaries. American National will continue to handle policyholder service and support.

Senan O’Loughlin, Executive Vice President, US Individual Life, RGA, commented: “We’re pleased to expand our relationship with American National as a valued client through this tailored coinsurance agreement.

This transaction exemplifies our close collaboration with clients and comprehensive understanding of their needs, enabling us to execute solutions aligned with their strategic business objectives.”

“Our proven expertise in customised reinsurance empowers us to deliver robust risk management solutions that provide insurers financial flexibility to help them navigate today’s complex regulatory and economic landscape,” continued O’Loughlin.

The transaction was completed on August 26, 2024, with an effective date of July 1, 2024.

Wells Fargo acted as the exclusive financial advisor to RGA, while Clifford Chance US LLP provided legal counsel for the transaction. Details of the transaction’s terms remain confidential.

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