HLAC’s insurance business was transferred to another group company, Omnilife Insurance Company Limited (Omnilife), under a Financial Services and Marketing Act 2000 Part VII transfer. The legal and regulatory process has been completed, as planned, within 12 months.
“Omnilife is RGA’s U.K. consolidation vehicle with strategic plans to acquire additional insurance portfolios,” said Peter Banthorpe, Managing Director, RGA U.K. “The acquisition of HLAC is Omnilife’s second transaction, and the timely completion of the Part VII transfer demonstrates further the Omnilife team’s capability in executing and integrating these deals.”
From a customer point of view, all HLAC policyholders have now been transferred to Omnilife and welcome letters issued to all customers.
“Providing a seamless experience to our customers has been a key priority underpinning the Part VII transfer,” said Deian Jones, CEO, Omnilife and HLAC. “We are very pleased to welcome the HLAC policyholders to Omnilife.”
No liabilities remain in HLAC, and the company will therefore be deauthorized.
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 celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortune's World's Most Admired Companies. The global organization 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 $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn and Facebook.