RGA Completes $1.7B Annuity Longevity Swap With Western & Southern
An RGA exec says the company sees increasing U.S. demand for longevity risk management arrangements.
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.
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