Fans of the bank will remember Citigroup's (NYSE:C) life insurance operation Primerica which was spun off after the financial crisis. The bank then created Prime Reinsurance to cover a block of term life policies in force on Dec. 18, 2009.
Today's announced deal has Swiss Re (OTCPK:SSREY) replacing Prime Reinsurance as Primerica's reinsurer on a coinsurance agreement. The deal cuts about $2.5B in assets from the balance sheet of Citi Holdings.
Primerica will continue to do business with Prime Re and certain other Citi affiliated reinsurers.
Source: Press Release
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