ST. LOUIS, MO--(Marketwired - Oct 21, 2014) - Reinsurance Group of America, Incorporated ("RGA") today announced the execution of agreements under which RGA will acquire all of the stock of Aurora National Life Assurance Company ("Aurora"), a wholly owned life insurance subsidiary of Swiss Re.
Aurora, which is part of Swiss Re's Admin Re business in the U.S., has approximately 82,000 policies in force and statutory policyholder liabilities of $2.7 billion. The underlying business is comprised of approximately two-thirds annuities, primarily payout annuities, and one-third interest-sensitive life products. Aurora has not written significant new business in over 20 years. Computer Sciences Corporation's subsidiary, Alliance-One Services, Inc., will continue to administer the business on behalf of RGA.
"We are pleased to announce this transaction which follows our strategy to deploy capital into attractive, closed block opportunities," said Scott Cochran, Executive Vice President, Global Acquisitions, RGA. "This opportunity demonstrates our ability to leverage our deep knowledge of the U.S. market while expanding RGA's closed block capabilities."
The transaction is expected to close in early 2015 subject to customary regulatory approvals. Sidley Austin LLP acted as legal advisor to RGA in the transaction.
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Reinsurance Group of America, Incorporated (
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