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PARISTransamerica Reinsurance has opened a new Paris office, from which it plans to market solutions in risk management, financing, product development and distribution, to life insurers in the European Union, the company reported.
Transamerica Reinsurance, an operating unit of Transamerica Occidental Life Insurance Company and part of the AEGON Group since 1999, is a major global supplier of automatic and facultative life reinsurance capacity. It is also a leading reinsurance provider of product development, private label solutions and alternative underwriting solutions. It has had a Dublin-based affiliate, Transamerica International Reinsurance Ireland Ltd., since 2002.
"Changing market conditions can create new opportunities for life insurance organizations and reinsurers, and we are well positioned to help make this happen," said the company's president, Paul E. Rutledge. He identified increased competition, shifting demographics and transition to Solvency II as the chief challenges facing life insurance companies in Europe today.
The company said its European business will be underwritten by TOLIC, which at year end 2005 reported assets of €23.7 billion, liabilities of €21.7 billion, and shareholder equity of €2.0 billion.