SCOR to acquire XL Re Life America
France-based reinsurer SCOR has agreed to acquire XL Re Life America (XLRLA) in a deal worth 31.7 million euros ($45.1 million).
The all-cash acquisition is expected to close by the end of September, subject to regulatory approval and normal closing conditions.
XLRLA is a US-based subsidiary of Bermuda-based XL Capital.
The unit posted premiums of $31.2 million in 2008.
SCOR said the purchase will help develop its position in the US life reinsurance market.
Denis Kessler, SCOR CEO, said XLRLA “shows a strong compatibility with SCOR’s life strategy that is rooted in focusing on traditional protection business that is not correlated with economic risks.”
Kessler added that life reinsurance is a market poised for growth as life carriers seek to conserve capital by buying protection from reinsuers.
A spokesperson for XL said the sale of the unit to SCOR is “mutually beneficial”.
SCOR is France’s largest reinsurer.
Category: Companies News, Insurance News
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