SCOR Global Life US (SGL U.S.), a wholly-owned subsidiary of France’s SCOR Group, has reached a definitive agreement to acquire XL Re Life America Inc. (XLRLA), a subsidiary of XL Capital Ltd.
The total consideration of the transaction amounts to € 31.7 million ($45 million) and will be settled in cash and is entirely self-financed.
The transaction is expected to close on 30 September 2009 and is subject to regulatory approval and the normal closing conditions.
SCOR’s bulletin noted that in 2008, “XLRLA generated € 22.1 million [$31.4 million] in premium income stemming from traditional mortality business that includes yearly renewable terms as well as coinsurance. The acquisition will help SGL U.S. to further develop its U.S. Life reinsurance market position.”
SCOR’s Chairman and CEO Denis Kessler commented: “This small acquisition is one of the so-called gardening deals as described during SCOR’s Investors’ Day in July. It proves that SCOR is able to profit from market opportunities in the current environment. The business acquired 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.”
Source: SCOR Group – www.scor.com
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