MetLife Limits Offshore Reinsurance After N.Y. Review
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MetLife Inc. said it would combine an offshore reinsurer with three U.S. life units after regulators began an investigation into the use of intra-company liability transfers, saying such arrangements could mask risk.
MetLife, the largest U.S. life insurer, plans to merge subsidiaries in Connecticut, Delaware and Missouri with its offshore reinsurer for variable annuities, known as Exeter Reassurance, according to a slide presentation for the company’s investor meeting today. The combination requires regulatory approval and will probably be completed in 2014, MetLife said.