Today Modern Woodmen of America announced the execution of an annuity reinsurance transaction with RGA Reinsurance Company, a wholly owned subsidiary of Reinsurance Group of America, Incorporated. RGA is a St. Louis-based Fortune 500 company and among the leading global providers of life reinsurance and financial solutions.
Under the agreement, RGA Reinsurance Company will reinsure a seasoned block of annuity business. Modern Woodmen will continue to serve its members holding these contracts.
"By reinsuring some of our fixed annuity business, we simply improve our already strong capital position and increase our financial flexibility," says Modern Woodmen President and CEO W. Kenny Massey.
The Willis Re Life Solutions Group served as Modern Woodmen’s advisor regarding the transaction. The agreement between Modern Woodmen and RGA has an effective date of April 1, 2021. Additional terms of the transaction are not being disclosed.
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