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RGA Completes Triple-X Securitization

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Reinsurance Group of America Inc. has used a special subsidiary to raise $850 million in capital.

The subsidiary, Timberlake Financial L.L.C., raised the money by issuing 30-year notes, and it could raise another $150 million by offering more notes later, according to RGA, St. Louis.

RGA will use the proceeds to provide long-term collateral to support Regulation Triple-X reserves for 1.5 million term life insurance policies with guaranteed level-premium periods reinsured by RGA’s RGA Reinsurance Company unit.

Ambac Assurance Corp., New York will insure payments of interest and principal, but note holders will have no recourse to RGA or subsidiaries other than Timberlake, according to RGA.


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