Saturday, January 20, 2018

Aegon to sell part of life reinsurance unit to Scor

Aegon has agreed to sell a block of its life reinsurance business to Scor.

The transaction covers about half of the life reinsurance business that Transamerica retained after it sold most of the life reinsurance business to Scor in 2011.

The deal calls for Aegon’s Transamerica life subsidiaries to reinsure about US$750 million of liabilities to Scor.

The transaction is consistent with Aegon’s stated strategic objective to reduce the amount of capital allocated to its run-off businesses.

As part of the transaction, the company will dissolve a related captive insurance company in place to finance redundant reserves, and will redeem operational leverage supporting that captive.

 

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