NU Online News Service, July 24, 10:31 a.m. EDT
Bermuda-based property and casualty insurer XL Capital Ltd. has sold its U.S. life reinsurance subsidiary, XL Re Life America Inc. (XLRLA), to SCOR Global Life US for EUR31.7 million ($45 million at the current exchange rate).
SCOR Global Life is a subsidiary of Paris-based SCOR Group, France's largest reinsurer.
SCOR said the transaction "will be settled in cash and is entirely self-financed," and will help the company further develop its U.S. life reinsurance market position.
According to SCOR, XLRLA generated 2008 premium of EUR22.1 million ($31.4 million).
Gilles Meyer, CEO of SCOR Global Life said, "This acquisition will help SCOR Global Life to strengthen its services in the mortality-protection field and reinforce our position in the United States. The acquisition demonstrates the inroads SCOR is making in the most important life market in the world."
The transaction is expected to close on Sept. 30 and is subject to regulatory approval and normal closing conditions, SCOR said.
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