To build and strengthen its group reinsurance business
Reinsurance Group of America (RGA) said that it has finalized the acquisition of the US and Canadian group life, accident and health reinsurance business from ReliaStar Life Insurance Company.
ReliaStar is a subsidiary of ING Group. Its reinsurance business operated under the name ING Reinsurance.
Greig Woodring, president and CEO of RGA, said: “Our businesses already are aligned in a number of ways. We are both industry leaders with a strong focus on client satisfaction, and we both have long-tenured, experienced associates. Drawing on our collective knowledge, we can build and strengthen RGA’s group reinsurance business in North America and around the world.”
The company said that the ING Reinsurance team will remain in Minneapolis and will continue to underwrite group life, disability, specialty and medical and managed care reinsurance, and provide services such as the ROSE and ROSEBUD claims management services, client-directed market research, facultative underwriting and risk reviews.
Mike Emerson, president of ING Reinsurance, said: “We are excited to join a company where our reinsurance services will be considered part of the core business operations. Becoming part of one of the largest reinsurance companies in the world will be a significant benefit to our clients and associates. We expect this to be a smooth transition.”