U.S. and Latin America
U.S. and Latin America

U.S. and Latin America

U.S. and Latin America operations, RGA’s largest division, navigated the many challenges of COVID-19 to generate solid business production for the organization and its client partners in 2020.

Principal business lines in this segment include individual life and health; group life, health, and disability; and asset-intensive, capital-solutions, and longevity reinsurance. For the third consecutive year, RGA was named “Life Reinsurer of the Year” at the Reactions North America Awards.

  • U.S. and Latin America Operations Net Premiums

    (in millions USD)

  • Life Reinsurance in Force
    $T
  • Total Revenues
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  • Net Premiums
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Ron Herrmann

My entire 33-year career has been spent in the insurance industry and I am passionate about the vital role insurance plays in people’s lives. The strength and resilience demonstrated both by the industry and specifically by RGA in 2020 creates the foundation for us to transform the industry together in the years ahead.

Ron Herrmann

Executive Vice President, Head of U.S. and Latin American Markets

New business and strong results in the group and financial solutions businesses partially offset individual mortality claims, once again demonstrating the resilience of RGA’s diversified portfolio. Despite pandemic-driven disruptions across all lines, assumed new business volume remained relatively steady at $115 billion in the region overall, a decrease of less than 3% compared to 2019. Net premiums and total revenues both reached new annual highs of $5.9 billion and $7.8 billion, respectively.

Early in the pandemic, RGA underwriters quickly defined COVID-19 facultative guidelines and shared them to help clients develop their own. With lockdown protocols limiting access to traditional underwriting evidence, RGA provided guidance in determining alternative sources of evidence that enabled insurers to continue to write new business. The underwriting team then worked with clients to reduce application backlogs, reviewing nearly 100,000 cases by year-end in the U.S.

Across the region, RGA experts reached out to industry partners to share knowledge and proactively address emerging issues.

Claims managers, already processing a record number of cases, led an industry-wide dialogue on preventing claims fraud during the pandemic – facilitated by RGA’s new online fraud forum and the 8th Annual RGA Fraud Conference, attended by more than 700 participants. A range of publications and webinars from RGA thought leaders provided COVID-19 insights, from ongoing medical updates to long-term business impacts.

U.S. group business produced strong results as a long-term strategy of consistent pricing and disciplined risk management paid off for RGA and its clients. The Life and Disability team launched the Group RiskDimensionsSM suite of solutions, which work together to convert digital health data, prescription records, credit histories, and other information into actionable underwriting risk scores. For group health insurers, RGA’s “one healthcare” portfolio – excess of loss, quota share, and self-funded turnkey solutions – provided flexible, comprehensive services.

Global Financial Solutions (GFS) navigated increased competition and a dynamic regulatory environment to deliver a strong performance, totaling $295 million in pre-tax income. The capital solutions line recorded one of its best years ever in surplus relief placed, while the stable value team enjoyed a milestone year and ended 2020 with a notional amount of $16.6 billion in wrapped assets. Leveraging established global expertise in longevity risk management, and following a groundbreaking first-ever U.S. longevity swap in 2018, GFS continued to develop infrastructure and capabilities to position RGA as a leader in providing solutions to the U.S. pension risk transfer market.

Latin America operations built on sustained momentum and solidified RGA’s leadership position in the region, expanding to more than 100 client partners and, for the second consecutive year, exceeding $100 million in revenues. Continued focus on underinsured consumers produced innovations in digital distribution and targeted solutions, including an award-winning health management product to serve Mexico’s growing diabetic population. Deepening client relationships across all markets and broadening the scope of health initiatives positioned RGA for ongoing growth in the region.

    • Ron Herrmann
      Ron Herrmann

      Executive Vice President, Head of U.S. and Latin American Markets

    Partnering for the future

    “I am determined to leverage my decades of experience on the direct side of the business to help strengthen the partnerships between RGA and our carrier clients.”

    READ MORE

    • Catie Muccigrosso
      Catie Muccigrosso

      Vice President, Underwriting Operations, U.S. Mortality Markets

    Accelerating the future of underwriting

    “The pandemic has hastened the evolution of the industry and highlighted that in-depth knowledge, preparation, and flexibility are more essential than ever.”

    • Jesús Spínola Grandio
      Jesús Spínola Grandio

      Chief Marketing Officer, Latin America

    • Jorge Campa
      Jorge Campa

      Chief Executive Officer, Latin America

    Digital platform provides exclusive Type 2 diabetes care in Mexico

    “Digital solutions that leverage advanced technologies to reach underserved consumers offer growth opportunities for RGA.”

  • Learn more about RGA’s U.S. and Latin America operations at rgare.com

  • RGARE.COM

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