Tongyang Life Insurance Company, Ltd. (Tongyang Life) and Reinsurance Group of America (RGA) have announced a reinsurance transaction covering a 200 billion KRW in-force block of life policies through coinsurance. This is the first cross-jurisdictional coinsurance transaction in South Korea.
“We are excited to be a strategic partner with Tongyang Life in achieving this significant milestone in the Asia-Pacific market,” said Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, RGA.
“In transactions such as this, RGA brings a deep understanding of our clients’ financial and customer needs, leveraging our extensive knowledge of local markets and global best practices, to support insurers’ long-term objectives in the current economic and regulatory environment.”
“We are pleased to collaborate with RGA based on its strong track record in asset-intensive solutions in the region and strong understanding of the local market,” said Moon-Koo Lee, CEO, Tongyang Life.
“This proactive coinsurance agreement helps Tongyang Life facilitate stable capital management and financial soundness amid an uncertain financial environment.”
Additional terms of the transaction are not being disclosed.
