Scor claims number two spot in the US with Aegon deal
Scor has entered into a definitive agreement to acquire the mortality risk reinsurance business of Transamerica Re, a part of Aegon. The business to be acquired relates solely to biometric risks.
As a result of the move Scor claims it will rank number two in the US life reinsurance market, while strengthening its positions in Asia and Latin America.
Transamerica Re is part of Aegon, but not as a legal entity. Therefore, Scor said the acquisition includes a series of retrocession agreements from Aegon to Scor Global Life US entities. As part of the acquisition, Scor will also purchase one Irish legal entity from Aegon, which underwrites Transamerica Re business.
Aegon will transfer to Scor €1.2bn (£1.06bn) of liabilities and corresponding assets in cash and/or securities in line with Scor's investment policy. The total consideration for the acquired business amounts to approximately €630m, including an estimated statutory capital of €340m for the Irish entity.
Denis Kessler, chairman and chief executive officer of Scor said: "The acquisition of Transamerica Re's mortality portfolio will mark a new milestone in the history of Scor. This transaction relates only to biometric risks, and is fully consistent with Scor's strategy and risk appetite.
"The rebalancing of the life reinsurance book between the United States, Asia and Europe, while enlarging the group's footprint and significantly expanding our global franchise, will also provide additional stability to the group."
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