Reinsurance Group of America, Incorporated (RGA) has executed definitive agreements with subsidiaries of XL Group to acquire a block worth approximately $22bn of US term life reinsurance.

Under the agreement, a subsidiary of RGA will reinsure approximately $22bn of life insurance in force, comprising approximately 290,000 policies. RGA will also administer the business on XL’s behalf following a short transition period.

RGA president Anna Manning said: "This transaction supports RGA’s strategy of deploying capital by acquiring run-off life insurance blocks."

The transaction is effective immediately. Other details of the transaction are not being disclosed.