French reinsurer to purchase Transamerica Reinsurance
French reinsurer SCOR S.E. will to pay $913 million for most of Dutch insurer AEGON N.V.’s Transamerica Reinsurance operations, the companies announced. The transaction will make SCOR the second largest life reinsurer in the United States. AEGON, which has been winding down and selling operations after requiring state aid at the height of the credit crisis in 2008, said on Tuesday that the disposal would help it repay outstanding aid of 1.125 billion euros ($1.6 billion). Europe is SCOR’s biggest market; Transamerica will boost its market share in the United States, where it currently earns less than 30 percent of its global life reinsurance premiums. SCOR, which also sells property and casualty reinsurance, eclipsed Reinsurance Group of America Inc. as the lead bidder for Transamerica in March, according to sources familiar with the matter.