RGA executes EUR 900M reinsurance transaction with Baloise in Belgium

Reinsurance Group of America announced it has executed an asset-intensive reinsurance transaction in Continental Europe with the Belgian subsidiary of Baloise, one of the leading insurers in Belgium (Baloise Belgium NV). The underlying portfolio consists of approximately 57,000 individual life insurance policies with guaranteed minimum returns and total reserves of approximately EUR 900M. The transaction includes collateral in a custody account supporting RGA‘s liabilities. “RGA’s expansion in the Continental Europe asset-intensive reinsurance market underscores our deep expertise and strong position in the European market,” said Cormac Galvin, Senior Vice President, Head of EMEA, Global Financial Solutions, RGA. “Our team is proud to be a strategic partner to Baloise, providing the guidance and support to enhance their financial efficiency.” “RGA responded to our risk and capital management needs with a strong solution,” said Wim Kinnet, CFO, Baloise Belgium. “RGA has demonstrated to be an excellent partner in addressing the various complexities and intricacies of the current transaction.” Additional terms of the transaction are not being disclosed.