Benzinga | Dec 15, 2021 08:13AM EST

Reinsurance Group Of America Reports Completion Of Longevity Reinsurance Transaction With Aegon, No Terms Disclosed

Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global life and health reinsurer, today announced the completion of a longevity reinsurance transaction with Aegon, one of the world's leading financial services organizations, providing life insurance, pensions, and asset management. The reinsurance transaction covers an in-force portfolio of its Dutch business with approximately (euro)7 billion of underlying reserves.

"We value our long-standing relationship with Aegon, and we are proud to continue to collaborate with them to help them to actively manage their risk and capital position," said Simon Wainwright, Executive Vice President, Head of EMEA, RGA. "Partnering with our clients to create customized solutions has led to a standout year in the Netherlands, and we look forward to continued growth in our longevity business in continental Europe."

"RGA is a strategic partner for Aegon globally and in the Netherlands," said Allegra van H?vell-Patrizi, CEO of Aegon the Netherlands. "Their local team, with in-depth knowledge of the market supported by their global experts, worked closely with us to tailor the agreement to meet our specific needs, and we appreciate their dedication in executing this transaction."

The transaction is effective December 31, 2021. Additional terms of the transaction are not being disclosed.