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NN Group to transfer Irish reinsurance portfolio to Canada Life

NN GroupNV said Oct. 4 that wholly owned reinsurance unit NN Re (Ireland)Ltd. signed a portfolio transfer agreement with unitCanada Life International ReLtd.

As a result of the portfolio transfer, NN Re (Ireland) isexpected to hand back its reinsurance license and repatriate capital for anamount of about €65 million to NN Group in the fourth quarter. The portfoliotransfer and capital repatriation are expected to result in a total after-taxloss of about €25 million, which NN Group will recognize in its fourth-quarterresults.

NN Group said the transactions will not impact itsreinsurance business in the Netherlands.