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Member, Beacon International Group, Ltd.
PARIS—SCOR Global Life U.S., a subsidiary of French reinsurer SCOR S.E., has agreed to buy XL Re Life America Inc. in a €31.7 million ($44.7 million) deal.
The self-financed, cash deal was reached July 18 and is expected to close Sept. 30, subject to regulatory approval and normal closing conditions, according to Paris-based SCOR.
XL Re Life America, a Stamford, Conn.-based unit of Bermuda's XL Capital Ltd., generated €22.1 million ($31.2 million) in premiums in 2008, according to SCOR, which said the deal will help it to further develop its U.S. life reinsurance market position.
SCOR Chairman and Chief Executive Officer Denis Kessler said in a statement that the acquisition “shows a strong compatibility with SCOR's life strategy that is rooted in focusing on traditional protection business that is not correlated with economic risks.”
Jamie Veghte, XL's chief executive of reinsurance operations, said in a statement, “Our planned sale of XL Re Life America Inc. is in line with our previous announcements regarding the strategic review of our life operations. We were looking to exit the life operations in the U.S., and SCOR expressed a keen interest in XLRLA. Like XLRLA, SCOR Global Life has a good reputation in the U.S. The deal was mutually beneficial.”