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Life Health > Annuities > Fixed Annuities

RGA Completes $1.7B Annuity Longevity Swap With Western & Southern

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Reinsurance Group of America announced Thursday that it has completed a $1.7 billion reinsurance transaction with Western & Southern Financial Group.

RGA provided a longevity swap for about 11,000 single-premium immediate annuities, or annuities that convert a lump-sum payment into a stream of income.

RGA, which is based in Chesterfield, Missouri, and Western & Southern, which is based in Cincinnati, are not saying how much Western & Southern is paying for the swap.

The swap will be effective March 31.

David Lipovics, an RGA executive, said the company sees increasing U.S. demand for longevity risk management arrangements.

(Image: PLotulitStocker/Shutterstock)


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