Reinsurance Group of America (RGA), a leading global life and health reinsurer, today announced it has reached an agreement with Tongyang Life Insurance Company for an RGA subsidiary to reinsure a KRW200bn ($144.35m) in-force block of life policies through coinsurance.

This is the first cross-jurisdictional coinsurance transaction in South Korea.

Additional terms of the deal are not disclosed.

Moon-Koo Lee, CEO of Tongyang Life, said, “This proactive coinsurance agreement helps Tongyang Life facilitate stable capital management and financial soundness amid an uncertain financial environment.”

RGA says in a statement that it has pioneered the use of reinsurance as a financial management and portfolio-optimising tool and remains a leading provider of such solutions around the world. RGA completed its first asset-intensive transaction in Asia in 1996. Since then, it has successfully executed numerous coinsurance transactions across the Asia Pacific region, creating sustainable long-term value for clients and consumers.