Global life and health reinsurer Reinsurance Group of America (RGA) has announced an agreement with Tongyang Life Insurance Company, Ltd for an RGA subsidiary to reinsure a 200 billion KRW in-force block of life policies through coinsurance.
RGA said that this deal marks the first cross-jurisdictional coinsurance transaction in South Korea.
RGA completed its first asset-intensive transaction in Asia in 1996 and has since executed numerous coinsurance transactions across the Asia-Pacific region, creating sustainable long-term value for clients and consumers.
“We are excited to be a strategic partner with Tongyang Life in achieving this significant milestone in the Asia-Pacific market,” said Gaston Nossiter (pictured above), senior vice president and head of Asia Pacific, Global Financial Solutions at RGA. “In transactions such as this, RGA brings a deep understanding of our clients’ financial and customer needs, leveraging our extensive knowledge of local markets and global best practices, to support insurers’ long-term objectives in the current economic and regulatory environment.”
Moon-Koo Lee, CEO of Tongyang Life, also welcomed the partnership with RGA.
“We are pleased to collaborate with RGA based on its strong track record in asset-intensive solutions in the region and strong understanding of the local market. This proactive coinsurance agreement helps Tongyang Life facilitate stable capital management and financial soundness amid an uncertain financial environment,” Lee said.
In other recent developments, RGA recently announced that Axel André joined the company as executive vice president on June 24. After a brief transition period, André is also expected to be named chief financial officer (CFO) on Aug. 5, succeeding Todd Larson.
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