RGA Announces Annuity Reinsurance Transaction with Horace Mann
ST. LOUIS, June 24, 2019 – Reinsurance Group of America, Incorporated (NYSE: RGA) today announced the completion of a $2.9 billion annuity reinsurance transaction with Horace Mann Life Insurance Company, a subsidiary of Horace Mann Educators Corporation (NYSE: HMN), the largest financial services company focused on providing America's educators and school employees with insurance and retirement solutions. Under the agreement, a subsidiary of RGA will reinsure a seasoned block of U.S. annuity business and Horace Mann will continue to service and administer the policies.
“We are pleased to expand the strong partnership with Horace Mann and to advance RGA’s overarching long-term strategy to grow our asset-intensive business,” said John Laughlin, Executive Vice President, Global Financial Solutions, RGA. “This transaction is another solid example of RGA’s dedication to working with clients to meet their capital and risk management objectives.
The transaction between RGA and Horace Mann closed today, with an effective date of April 1, 2019. Additional terms of the transaction are not being disclosed.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $66.7 billion as of March 31, 2019. Founded in 1973, RGA is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.