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Reinsurance Group of America acquires group life, accident and health reinsurance businesses of ReliaStar Life Insurance

 

Saturday, Oct 17,2009, 10:59:20 AM   Click:

Reinsurance Group of America, Incorporated has entered into an agreement to acquire the US and Canadian group life, accident and health reinsurance businesses of ReliaStar Life Insurance Company, a subsidiary of ING Groep N.V. Both Reinsurance Group and ReliaStar Life are based in the US, while ING Groep is based in Netherlands.

Reinsurance Group is a reinsurance holding company, while ING Groep is a financial institution that provides banking, insurance and asset management services.

The acquisition will be funded with the existing capital of Reinsurance Group.

In addition, Reinsurance Group expects to deploy approximately $115 million of capital to support the business with returns in the mid-to-upper teens.

The acquisition is expected to be effective from January 1, 2010. 

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Announced: 2009-10-16

Deal Participants 

Target (Company)   ReliaStar Life Insurance Company - Group Life, Accident and Health Reinsurance Business - US and Canada
Acquirer (Company) Reinsurance Group of America, Incorporated
Vendor (Company)   ReliaStar Life Insurance Company

Deal Rationale

The acquisition will strengthen Reinsurance Group's presence in the North American group reinsurance market.

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