Dutch bank and insurance group ING said on Tuesday it had completed the sale of its US reinsurance business to Reinsurance Group of America for an undisclosed amount.
The transaction was expected to free up some 100 million euros (144 million
dollars) in capital in 2010 and improve ING Insurance’s debt-to-equity ratio by about 60 basis points, it said in a statement.
“ING announced today that it has closed the transaction to transfer its US group reinsurance business, ING Reinsurance US, to Reinsurance Group of America, Inc (RGA),” it said.
“ING did not disclose terms of the agreement, which was previously announced on 16 October 2009 and effectively closed on 1 January 2010.”
