Scor Acquires Aegon’s U.S. Life Reinsurance Business
Aegon in August 2018 sold the last block of its life reinsurance business to French reinsurer Scor Global Life. Aegon’s U.S. subsidiary Transamerica will reinsure an additional USD 700 million of liabilities through Scor Global Life.
In December 2017, Aegon had agreed to divest USD 750 million of life reinsurance liabilities to Scor. It also dissolved a related captive insurance company. Technically, Aegon’s Transamerica life subsidiaries reinsured about half of the life reinsurance business that Transamerica retained after it had divested the most of its life reinsurance business to Scor in April 2011.
At that time, Aegon had divested its global life reinsurance activities (Transamerica Reinsurance) with the exception of a few blocks of business, mainly variable annuity guarantees. The transaction already consisted of a number of reinsurance agreements with Scor.
All three transactions are in line with Aegon’s goal to cut the amount of capital allocated to its run-off businesses.