Transamerica, a U.S. unit of Aegon N.V., has completed the process of transferring responsibility for large blocks of life and annuity business to Wilton Re Ltd. through an administrative reinsurance arrangement, Aegon said today.
(Related: Transamerica Parent Makes U.S. Deal)
Wilton Re is a Norwalk, Connecticut-based unit of the Canada Pension Plan Investment Board.
Aegon, which is based in The Hague, in the Netherlands, and Wilton Re reported in May that the deal would involve blocks of payout annuity business, corporate-owned life insurance and bank-owned life insurance.
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Wilton Re is assuming responsibility for insurance policies and annuity contracts associated with about $14 billion in general account and separate account liabilities, according to Wilton Re.