Reinsurance Group of America Inc. (RGA) and John Hancock, a subsidiary of Manulife Financial Corporation, announced an agreement to reinsure approximately US$4.1 billion in liabilities. The liabilities comprise of $1.9 billion in long-term care (LTC) and $2.2 billion in structured settlements.
The reinsured LTC block consists of policies that closely match the characteristics of RGA's current in-force LTC portfolio, including that all such policies were issued in 2007 or later. The structured settlements block highlights the power of RGA's expertise in longevity risk and the company's 25-year history as a premier provider of asset-intensive solutions. Both transactions are on a full-risk basis, with RGA coinsuring 75% quota share (25% retained by John Hancock). RGA will also continue supporting John Hancock on their expected growth in US permanent life business through partnership on yearly renewable term reinsurance, at market terms.
The transaction is expected to close in early 2025, subject to customary closing conditions.
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