PartnerRe/SCOR Finalize Life Reinsurance Sale

Confirming the plans revealed last month, Bermuda’s PartnerRe said that it had reached agreement on the terms for the acquisition of its U.S. subsidiaries, PartnerRe Life Insurance Co., Republic Vanguard Life Insurance Co., Investors Insurance Corp. and Investors Marketing Group, Inc., by French reinsurer, SCOR.

“The total consideration for this transaction is $155 million, including the assumption of $10 million of liabilities. The sale is subject to regulatory approvals in the United States and is expected to close late in the second quarter of this year,” said the announcement.