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EX-10.1 - EX-10.1 - REINSURANCE GROUP OF AMERICA INC | c63484exv10w1.htm |
8-K - FORM 8-K - REINSURANCE GROUP OF AMERICA INC | c63484e8vk.htm |
Exhibit 99.1
For further information, contact John W. Hayden Senior Vice President Controller and Investor Relations (636) 736-7000 |
FOR IMMEDIATE RELEASE
Reinsurance Group of America Enters into Share Repurchase Agreement
ST. LOUIS, March 7, 2011 Reinsurance Group of America, Incorporated (RGA) (NYSE: RGA)
today announced that it has entered into a definitive agreement with Barclays Bank PLC
(Barclays), acting through its agent, Barclays Capital, Inc., to purchase shares of its common
stock under an accelerated share repurchase (ASR) program. Pursuant to the agreement, the company
purchased 2.5 million shares from Barclays for $149.4 million, or $59.76 per share. Under the ASR
agreement, Barclays plans to purchase an equivalent number of shares of common stock in the open
market from time to time until it has acquired that number. At the end of this period, RGA may
receive, or may be required to remit, a purchase price adjustment based upon the volume weighted
average price of its common shares during the period. The purchase price adjustment can be
settled, at the election of RGA, in cash or in shares of its common stock.
Upon completion of the ASR agreement, and considering the 3.0 million shares purchased from
MetLife, Inc. on February 15, 2011, RGA will have substantially offset the share dilution
associated with the redemption of its Trust Preferred Income Equity Redeemable Securities completed
March 4, 2011.
This news release does not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such
states.
About RGA
Reinsurance Group of America, Incorporated is among the largest global providers of life
reinsurance, with subsidiary companies or offices in Australia, Barbados, Bermuda, Canada, China,
France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, the Netherlands, Poland, South
Africa, South Korea, Spain, Taiwan, the United Kingdom and the United States. At December 31,
2010, the company had approximately $2.5 trillion of worldwide life reinsurance in force and assets
of $29.1 billion.
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