RGA To Acquire Life Reinsurance Business Of Allianz Life
Reinsurance Group of America Inc., St. Louis, has agreed to acquire the traditional U.S. life reinsurance business of Allianz Life Insurance Company of North America, Minneapolis, through a coinsurance arrangement.
RGA will pay Allianz Life a ceding commission of $310 million. RGA also has agreed to pursue the possibility of substituting itself for Allianz Life in the Allianz Life reinsurance contracts, the companies say.
The companies hope to complete the deal later this year, but the effective date would be July 1, 2003.