trending Market Intelligence /marketintelligence/en/news-insights/trending/uLqpmZsnIxEDp3KDv22ouA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Citi Holdings assets down by $2.5B with Citi's transfer of coinsurance deal with Primerica to Swiss Re

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

Citi Holdings assets down by $2.5B with Citi's transfer of coinsurance deal with Primerica to Swiss Re

Asubsidiary of Swiss Re Life &Health America Inc. replaced Citigroup Inc. unit Prime Reinsurance Co. Inc. as Primerica Life Insurance Co.'s reinsurer on acoinsurance agreement covering a block of term life insurance policies thatwere in force on Dec. 18, 2009.

Citigroup reportedPrime Re as a part of Citi Holdings, which consists of businesses andportfolios of assets that Citigroup has determined are not central to its corefranchise.

Thetransaction closed March 31. It resulted in a reduction of about $2.5 billionof assets from Citi Holdings' balance sheet.

Thecoinsurance agreement represented the majority of Citigroup's remainingreinsurance activities with Primerica Inc., following Primerica's and ultimateseparation from Citigroup. Following the transaction, Primerica Life Insurancewill continue to conduct business with Prime Re and certain other Citigroupaffiliated reinsurers on other reinsurance agreements executed prior toPrimerica's IPO.

Since itscreation, Citigroup has reduced assets in Citi Holdings by more than $700billion. As of Dec. 31, 2015, Citi Holdings' assets represented about 4% oftotal Citigroup assets, down from a peak of about 40%.

Citigroup'sInstitutional Clients Group advised Citigroup on the transaction. Skadden ArpsSlate Meagher & Flom LLP served as legal adviser to Citigroup. DLA PiperLLP (US) served as legal adviser to Primerica.

In a definitiveproxy statement filed March 16, Citigroup said that it has exitedCiti Holdings' businesses and assets "as quickly as practicable in aneconomically rational manner."

"The massive reduction in [Citi Holdings'] assets hasbeen accomplished through more than 60 M&A transactions, portfolio sales,portfolio runoff and repayments," the company noted in response to astockholder proposal recommending that the board act to explore options tosplit the New York-basedcompany into two or more companies.