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July 22, 2009 at 08:00 PM
SCOR S.E. says it wants to use XL Re Life America Inc. as a vehicle for expanding its U.S. life reinsurance operations.
SCOR Global Life US, a unit of SCOR, Paris, has agreed to pay the equivalent of about $45 million in cash for XL Re Life America, Hartford, a unit of XL Capital Ltd., Hamilton, Bermuda.
SCOR and XL Capital hope to close on the deal Sept. 30.
“SCOR Global Life intends to offer employment to the XLRLA team upon consummation of the transaction,” SCOR says.
XL Re Life America was incorporated in 1957 as Royal Globe Life Insurance Company, a unit of Royal Maccabees Life Insurance Company, Southfield, Mich., according to an examination report prepared by Delaware insurance regulators.
