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Tuesday, October 21, 2014

Swiss Re to sell U.S. life unit Aurora to RGA, (NYSE: RGA)

Swiss Re said on Tuesday it was selling its U.S. life insurance arm, Aurora National Life Assurance Company, to Reinsurance Group of America, Incorporated (RGA) for an undisclosed price. The Swiss reinsurer had said previously that it was considering all options for Aurora, part of the portfolio it retained for its U.S. Admin Re business after selling most of it to Jackson National Life Insurance Co in September 2012.The sale involves approximately 82,000 policies in force and $2.7 billion in policyholder liabilities and is expected to close in early 2015 and is subject to approval by the relevant regulators, Swiss Re said in a statement.A spokeswoman failed to comment on the value of the transaction.Media reports this summer had put the value of a possible deal at $400 million to $500 million.

Reinsurance Group of America, Incorporated (RGA) is an insurance holding company. Shares of RGA traded higher by 0.96% or $0.74/share to $77.99. In the past year, the shares have traded as low as $69.89 and as high as $84.45. On average, 415043 shares of RGA exchange hands on a given day and today's volume is recorded at 21971.