Firm introduces new companion
Reinsurance Group of America, Inc. (RGA) has made vital strides in its Continental Europe operations by finalizing an asset-intensive reinsurance transaction with the Belgian subsidiary of Baloise, a outstanding insurance coverage entity in Belgium often called Baloise Belgium NV.
Based on a Press launch, the transaction encompasses roughly 57,000 particular person life insurance coverage insurance policies with assured minimal returns and complete reserves of round €900 million. This transaction consists of collateral in a custody account supporting RGA’s liabilities.
Cormac Galvin, senior vice chairman and head of EMEA, world monetary options at RGA, emphasised the corporate’s deep-rooted experience and formidable place inside the European market.
“Our workforce is proud to be a strategic companion to Baloise, offering the steering and help to reinforce their monetary effectivity,” he mentioned.
Wim Kinnet, the chief monetary officer of Baloise Belgium, expressed satisfaction with RGA’s response to their danger and capital administration necessities.
“RGA responded to our danger and capital administration wants with a powerful resolution,” Kinnet mentioned, highlighting RGA’s adeptness in navigating the intricacies of the transaction and its dedication to addressing varied complexities.
The specifics of the transaction past the disclosed phrases stay confidential.
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