Reinsurance Group of America, Inc. (RGA) said Tuesday that it has executed agreements to buy all of the stock of Aurora National Life Assurance Co., a life insurance subsidiary of Swiss Re.
Aurora, which is part of Swiss Re's Admin Re business in the U.S., has about 82,000 policies in force and statutory policyholder liabilities of $2.7 billion.
The underlying business is comprised of about two-thirds annuities, mainly payout annuities, and one-third interest-sensitive life products. Aurora has not written significant new business in over 20 years. Computer Sciences Corp.'s (CSC) subsidiary, Alliance-One Services, Inc., will continue to administer the business on behalf of Reinsurance Group of America.
The deal is expected to close in early 2015.
For comments and feedback contact: editorial@rttnews.com
Business News