Reinsurance Group of America is buying Aurora National Life Assurance Co., a unit of Swiss Re.
Financial terms of the sale, which is expected to close in early 2015 pending regulatory approval, were not disclosed.
Chesterfield-based RGA said acquiring Hartford, Conn.-based Aurora will add 82,000 policies with policy liabilities of $2.7 billion. Two thirds of the policies are annuities, and the remainder are interest sensitive life insurance products. According to a statement announcing the sale, Aurora has not written significant new business in more than 20 years.
"We are pleased to announce this transaction which follows our strategy to deploy capital into attractive, closed block opportunities," Scott Cochran, RGA's executive vice president of global acquisitions, said in the statement. "This opportunity demonstrates our ability to leverage our deep knowledge of the U.S. market while expanding RGA's closed block capabilities."
In August, RGA announced it is buying a $104 billion insurance portfolio from New York-based Voya Financial, totaling about 170,000 policies.