Zurich Insurance Group reinsured to RGA a $2.3 billion block of Zurich’s in-force annuity business.
On May 18, Willkie client Zurich Insurance Group announced that its subsidiary, Farmers New World Life Insurance Company, had reinsured a portion of its in-force U.S. annuity business to Reinsurance Group of America. The transaction involved assets and statutory reserves of approximately $2.3 billion. Farmers New World Life will continue to administer the business.
Zurich Insurance Group is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories.
The Willkie deal team included partner Thomas Cerabino, counsel Donald Henderson and Elizabeth Bannigan and associate Bhavna Agnihotri.