The Canadian unit of the Reinsurance Group of America, Incorporated (RGA), known as RGA Life Reinsurance Company of Canada or RGA Canada, and The Manufacturers Life Insurance Company -- a subsidiary of Manulife Financial Corporation -- have publicly announced the finalization of a life reinsurance transaction. This coinsurance transaction will result in the reinsurance of estimated reserves worth roughly $4.4 billion, with a corresponding asset transfer of the same value.
This marks the third large-scale block reinsurance transaction between Manulife and RGA. Despite the change, policy administration remains under Manulife's jurisdiction as part of the agreement. The transaction officially comes into effect on April 1, 2024.
