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Member, Beacon International Group, Ltd.
CHESTERFIELD, Mo.—Reinsurance Group of America Inc. said Friday it has reached an agreement with ReliaStar Life Insurance Co. to acquire its U.S. and Canadian group life, accident and health reinsurance business.
The deal—which has a Jan. 1, 2010, effective date but is still subject to regulatory approval—is to be structured as an indemnity coinsurance agreement, RGA said in a statement.
RGA said it will fund the acquisition with existing capital but did not disclose specific terms of the agreement. The addition of ReliaStar Life Insurance Co., a subsidiary of Amsterdam, Netherlands-based ING Groep N.V., will provide RGA with a “more substantial presence in the North American reinsurance market,” A. Grieg Woodring, president and chief executive officer of RGA, said in a statement.
Chesterfield, Mo.-based RGA said it will use about $115 million in capital to help support the business.