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June 05, 2017 at 12:54 PM
Reinsurance Group of America Inc. recently agreed to reinsure a large closed block of annuities for Farmers New World Life.
The block is big enough to increase RGA’s asset base by about $2.3 billion, according to RGA.
(Related: Annuity Players Continue to Fight Low Rates)
RGA, a Chesterfield, Missouri-based reinsurer, closed on the deal within four months after Farmers New World Life put out a request for reinsurance, according to John Laughlin, RGA’s executive vice president for global financial solutions.
Before RGA made the Farmers New World Life deal, it had about $54 billion in assets. The Farmers New World Life deal will increase its asset total by about 4%.
