Firm introduces new associate
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 distinguished insurance coverage entity in Belgium referred to as Baloise Belgium NV.
In keeping with 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 contains 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 throughout the European market.
“Our crew is proud to be a strategic associate to Baloise, offering the steerage and assist to boost their monetary effectivity,” he mentioned.
Wim Kinnet, the chief monetary officer of Baloise Belgium, expressed satisfaction with RGA’s response to their threat and capital administration necessities.
“RGA responded to our threat and capital administration wants with a robust answer,” Kinnet mentioned, highlighting RGA’s adeptness in navigating the intricacies of the transaction and its dedication to addressing numerous complexities.
The specifics of the transaction past the disclosed phrases stay confidential.
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