Aegon to sell part of life reinsurance business to SCOR

Aegon said Dec. 28 that it agreed to sell a block of life reinsurance business to SCOR. The transaction covers about half of the life reinsurance business that Transamerica retained after it sold most of the life reinsurance business to SCOR in 2011. The deal calls for Aegon’s Transamerica life subsidiaries to reinsure about $750 million of liabilities to SCOR. The transaction will result in a pre-tax loss of $125 million. Aegon said it is also dissolving a related captive insurance company.

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