Aegon to sell stake in US unit to Scor

Dutch insurer Aegon NV has said it would sell part of the remaining stake it holds in US life insurance unit Transamerica to property and life reinsurer Scor SE.

The deal covers about half of the life reinsurance business that Transamerica retained after an earlier stake sale to Scor in 2011.

Transamerica life subsidiaries would reinsure approximately USD750 million of liabilities to Scor under the terms of the deal, the insurer added.

The transaction is expected to result in a pre-tax loss of about USD125 million and will be reported in other charges in the fourth quarter 2017 results, Aegon said.