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28 Jun 2006
MOODY'S ASSIGNS Aaa RATING TO TIMBERLAKE FINANCIAL L.L.C. NOTES RELATED TO RGA RE XXX SECURITIZATION
$850 MILLION OF NOTES RATED
New York, June 28, 2006 -- Moody's Investors Service has assigned a Aaa insured senior debt rating
to Timberlake Financial, L.L.C.'s (Timberlake
Financial) $850 million Series A Floating Rate Insured Notes Due
2036. The rating has a stable outlook.
The Aaa insured rating of the Class A notes is based on a financial guaranty
policy issued by Ambac Assurance Corporation (Ambac - Aaa insurance
financial strength rating).
Timberlake Financial is a Delaware limited liability company formed as
a special purpose vehicle. Moody's said that as part of a
securitization transaction, Timberlake Financial will initially
purchase $550 million of a surplus note, and will make subsequent
investments in the surplus note. The surplus note pays interest
at a rate greater than the rate payable on the Series A Notes, and
matures on the same date as the Series A Notes. The surplus note
will be issued by Timberlake Reinsurance Company II (Timberlake Re) a
direct, wholly-owned subsidiary of Timberlake Financial.
Both companies are indirect, wholly-owned subsidiaries of
Reinsurance Group of America, Inc. (RGA, Inc.;
Baa1 senior debt rating.)
Timberlake Re, a special purpose financial captive insurance company
domiciled in South Carolina, was established for the limited purposes
of entering into a reinsurance agreement and other related agreements
with RGA Reinsurance Company (RGA Re; A1 insurance financial strength
rating) to facilitate the funding of the redundant statutory reserves
and to issue the surplus note to Timberlake Financial..
Moody's said that RGA Re will cede risks relating to a defined block
of level premium term life insurance policies subject to the reserve requirements
of Regulation XXX to Timberlake Re. The ceded business consists
of specified term life policies written between 2000 and 2004 by 45 direct
insurers that were reinsured with RGA Re. The rating agency said
that Timberlake Re is expected to service its surplus note payments with
investment income earned on invested assets and, to a lesser extent,
with reinsurance profits. The interest income on and return of
principal of the surplus note, dividends from Timberlake Re,
and assets held in additional accounts at Timberlake Financial,
are expected to service the notes issued by Timberlake Financial,
according to Moody's.
Since the transaction is structured without recourse to RGA, Inc.
or any other RGA entity, the rating agency says that it will exclude
the Timberlake Financial notes and Timberlake Re's surplus note
and capital from RGA, Inc.'s financial leverage,
interest coverage, and operating leverage ratios.
Moody's commented that the securitization structure and the issuance
of the notes provide RGA Re with a longer term strategy for managing its
XXX reserve requirements in a capital efficient manner. If the
company were to experience significant growth in this type of business,
Moody's would expect the company to continue to seek to implement
additional solutions to help address the company's need for collateral.
Reinsurance Group of America, Inc., headquartered in
Chesterfield, Missouri, reported total assets of approximately
$16.6 billion and shareholders' equity of $2.5
billion as of March 31, 2006.
Moody's insurance financial strength ratings are opinions on the ability
of insurance companies to repay punctually senior policyholder claims
For more information, visit our website at www.moodys.com/insurance.
Financial Institutions Group
Moody's Investors Service
Ann G. Perry
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
No Related Data.
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