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XL Group Sells $22 Billion of Life Policies at Loss in RGA Deal

  • Transaction comprises about 290,000 life insurance policies
  • XL expects to record a net loss of $34 million on transaction
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XL Group Plc agreed to sell about 290,000 life insurance policies at a loss to Reinsurance Group of America Inc. as Chief Executive Officer Mike McGavick narrows his company’s focus to property-casualty coverage after buying Catlin Group Ltd.

The deal represents about $22 billion of insurance in force, according to a statement Wednesday from Chesterfield, Missouri-based RGA that didn’t disclose terms. XL expects to record a net loss of about $34 million tied to the transaction, the Dublin-based company said in a separate statement.