Reinsurance Group of America, Inc. (RGA) has made significant strides in its Continental Europe operations by finalizing an asset-intensive reinsurance transaction with the Belgian subsidiary of Baloise, a prominent insurance entity in Belgium known as Baloise Belgium NV.
According to a Press release, the transaction encompasses approximately 57,000 individual life insurance policies with guaranteed minimum returns and total reserves of around €900 million. This transaction includes collateral in a custody account supporting RGA’s liabilities.
Cormac Galvin, senior vice president and head of EMEA, global financial solutions at RGA, emphasized the company’s deep-rooted expertise and formidable position within the European market.
“Our team is proud to be a strategic partner to Baloise, providing the guidance and support to enhance their financial efficiency,” he said.
Wim Kinnet, the chief financial officer of Baloise Belgium, expressed satisfaction with RGA’s response to their risk and capital management requirements.
“RGA responded to our risk and capital management needs with a strong solution,” Kinnet said, highlighting RGA’s adeptness in navigating the intricacies of the transaction and its commitment to addressing various complexities.
The specifics of the transaction beyond the disclosed terms remain confidential.
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