Aegon NV (AEG) Financial News - Aegon sells reinsurance business to Scor
Aegon NV (AEG)
Aegon sells reinsurance business to Scor
2011-04-26 07:11:14Quote: Scor to buy Aegon's resinsurance unit for $913 million AMSTERDAM (Reuters) - French reinsurer Scor (SCOR.PA) is to pay $913 million for most of Dutch insurer Aegon's (AEGN.AS) Transamerica Reinsurance operations, to make it the second largest life reinsurer in the United States.Aegon, which has been winding down and selling operations after needing state aid at the height of the credit crisis in 2008, said on Tuesday the disposal would help it repay outstanding state aid of 1.125 billion euros ($1.6 billion).The deal is the latest in a round of consolidation in the North American life reinsurance market, as companies try to position themselves for a rebound after the financial crisis.Last October, Warren Buffett's Berkshire Hathaway (BRKa.N) (BRKb.N) agreed to buy Canadian insurer Sun Life Financial's (SLF.TO) reinsurance business.Europe is Scor's biggest market and Transamerica will boost its market share in the United States, where it currently earns less than 30 percent of its global life reinsurance premiums."With the acquisition of a major mortality risk reinsurance portfolio in the United States, Scor aims to further increase its geographical diversification," it said.Scor, which also sells property and casualty reinsurance, eclipsed Reinsurance Group of America (RGA.N) as the lead bidder for Tran...
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