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13 Jan 2005
MOODY'S RATES REINSURANCE GROUP OF AMERICA INC.'S SHELF REGISTRATION (SENIOR DEBT AT (P) Baa1)
New York, January 13, 2005 -- Moody's Investors Service today rated Reinsurance Group of America,
Inc.'s (RGA) new $1 billion shelf registration (senior
at (P) Baa1). The multi-security shelf registration allows
RGA to issue senior unsecured debt, subordinated debt, preferred
stock and common stock. Proceeds of securities issued under the
shelf will be used for general corporate purposes. RGA is the holding
company of RGA Reinsurance Company (RGA Re - rated A1 for insurance
financial strength). The outlook on the ratings is stable.
The shelf registration also allows for the issuance of preferred securities
by RGA Capital Trust III and RGA Capital Trust IV, which are statutory
business trusts established by the company solely for the purpose of raising
financing for RGA. Preferred securities issued by RGA Capital Trust
III and RGA Capital Trust IV will be irrevocably and unconditionally guaranteed
by RGA and will rank pari passu with the company's junior subordinated
Commenting on the ratings of RGA, Inc., Moody's says
the Baa1 senior debt rating reflects the company's solid position in the
U.S. mortality reinsurance market, good performance
in the company's core domestic operations, and adequate capitalization.
The rating agency added that RGA, Inc.'s group ratings also
benefit from implicit support from MetLife, which currently owns
51.7% of the company.
Moody's noted that these strengths are somewhat offset by the relative
earnings volatility associated with the reinsurance industry, as
well as the potential volatility from RGA, Inc.'s non-traditional
reinsurance lines and its foreign operations.
The ability to generate capital internally, combined with the company's
plans for capital management, will continue to be a driver in the
company's rating profile, according to the rating agency.
Moody's stated that it expects that RGA's financial leverage will
not exceed the 25% -30% range (debt to capital).
The current rating also incorporates an expected NAIC Risk Based Capital
(RBC) ratio for both RGA Re and consolidated entities of at least 280%,
as well as GAAP net income for RGA of at least $175 million annually.
In addition, the rating agency said that it expects RGA Re to have
statutory capitalization (ratio of total adjusted capital to general account
assets) of at least 9%.
Factors that could positively influence the rating, Moody's added,
include a reduction in financial leverage to less than 15%,
a sustained NAIC RBC level for both RGA Re and consolidated entities of
at least 350%, and GAAP net income for RGA consistently above
$250 million annually.
The rating agency said that negative rating pressure could develop if
financial leverage rose above 30%, NAIC RBC for both RGA
Re and consolidated entities declined below 280%, GAAP net
income for RGA fell below $100 million annually, or holding
company cash coverage of interest expense fell below 1.5 times.
Moody's assigned the following prospective ratings with a stable outlook:
Reinsurance Group of America, Inc. - Senior debt at
(P)Baa1; Subordinated debt at (P)Baa2; Junior subordinated debt
at (P)Baa2; Preferred stock at (P)Baa3.
RGA Capital Trust III - Preferred stock at (P)Baa2.
RGA Capital Trust IV - Preferred stock at (P)Baa2.
Moody's also affirmed the following ratings with a stable outlook:
Reinsurance Group of America, Inc. - Senior debt at
RGA Capital Trust I - Preferred stock at Baa2.
RGA Capital Trust II - Preferred stock at (P)Baa2.
RGA Reinsurance Company -- Insurance financial strength
RGA, Inc., headquartered in Chesterfield, MO,
reported total assets of about $13.3 billion and shareholders'
equity of approximately $2.1 billion as of September 30,
Moody's Insurance Financial Strength Ratings are opinions of the ability
of insurance companies to repay punctually senior policyholder claims
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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