5 February 2021Insurance

RGA buys PRA authorised UK life insurer HLAC

Global life and health reinsurer Reinsurance Group of America (RGA) has entered into an agreement to acquire 100 percent of the share capital of Hodge Life Assurance Company (HLAC), which is authorised by the UK's Prudential Regulation Authority (PRA).

HLAC, which has annuity liabilities of approximately £570 million ($780 million), plans to cease writing new business from February 19, with an appropriate time period allowed for existing quotes and applications to proceed through to completion.

The completion of the transaction is subject to regulatory approval.

“The purchase of HLAC demonstrates RGA’s continued strong support of the UK market and our commitment to working with our clients around the world to provide capital and risk-management solutions,” said Larry Carson, executive vice president of global financial solutions at RGA. “We are delighted to be bringing this business into the RGA family and we believe that RGA provides a strong and stable home for HLAC’s policyholders.”

Deian Jones, managing director of HLAC, commented: “The transaction demonstrates a strong cultural fit between RGA and HLAC. The process has been executed swiftly and efficiently, and HLAC’s customers will see a seamless transition as we work towards completion of the transaction.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
9 June 2021   The deal closed on June 3, 2021, with an effective date of April 1, 2021.
Insurance
8 July 2020   The company says its long-term growth strategy could not be supported directly under RGA ownership.
Insurance
14 May 2020   The partnership aims to expand and transform the life insurance ecosystem.