Reinsurance Group of America Announces Longevity Reinsurance Transaction with Western & Southern
ST. LOUIS, Dec. 15, 2022 – Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced the completion of a longevity reinsurance transaction with Cincinnati-based Western & Southern Financial Group (Western & Southern), a diversified family of financial services businesses and one of the strongest life insurance groups in the world. The US$ 1.7 billion longevity swap transaction covers approximately 11,000 single premium immediate annuity contracts.
“As demand for longevity risk management tools increases across the U.S., RGA is eager to work with clients to develop solutions that meet their specific needs,” said David Lipovics, Vice President, U.S. Pension Risk Solutions, RGA. “We credit our strong relationship with Western & Southern, as well as the dedicated teams from both companies, who collaborated exceptionally well to design, structure, and effectively complete this transaction.”
“Our relationship with RGA is a valuable part of our overall risk management strategy, making them an ideal partner for this transaction,” said Jacob Steuber, Vice President, Actuarial Analysis, Western & Southern. “RGA was able to customize a solution that helps us maintain a desirable risk profile while continuing to offer competitive retirement solutions, and their support through this transaction and continued partnership into the future are greatly appreciated.”
The transaction will be effective as of March 31, 2022. Additional terms of the transaction are not being disclosed.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.3 trillion of life reinsurance in force and assets of $82.7 billion as of September 30, 2022. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn and Facebook.
About Western & Southern Financial Group
Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, Western & Southern Financial Group, Inc., a Fortune 500 company, is the parent company of a group of diversified financial services businesses. Its assets owned ($66 billion) and managed ($35 billion) totaled $101 billion as of June 30, 2022. Western & Southern is one of the strongest life insurance groups in the world. Its seven life insurance subsidiaries (The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Gerber Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, and National Integrity Life Insurance Company) maintain very strong financial ratings. Other member companies include Eagle Realty Group, LLC; Fort Washington Investment Advisors, Inc.;1 IFS Financial Services, Inc.; Touchstone Advisors, Inc.;1 Touchstone Securities, Inc.;2 W&S Brokerage Services, Inc.;1,2 and W&S Financial Group Distributors, Inc. Western & Southern is the title sponsor of seven major community events every year, including the Western & Southern Open, a premier event in the U.S. Open Series played each August by the world’s top-ranked professional male and female tennis players.
1 A registered investment adviser.
2 A registered broker-dealer and member FINRA/SIPC.
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