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Aviva Makes Life Reserve Financing Deal

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Aviva Life and Annuity Company and a sister company, Aviva Life and Annuity Company of New York, have arranged $325 million in reserve financing.

Aviva Life and Aviva Life of New York are both units of Aviva USA Corp., Des Moines, Iowa, which is, in turn, a unit of Aviva P.L.C., London (NYSE:AV).

A unit of Cr?dit Agricole S.A. Paris, helped the Aviva units get the financing.

The financing will back Regulation Triple X term life obligations and Regulation AXXX universal life obligations, Aviva says. The term life products have level-premium terms of 10, 20 and 30 years, and the UL products include equity indexed products as well as guaranteed products.

Aviva is using Aviva Re USA II Inc., a wholly owned Aviva reinsurance captive subsidiary, as a mechanism for providing reinsurance credit based on the Cr?dit Agricole letters of credit, Aviva says.

Financing market conditions remain “challenging,” Aviva says.



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