Reinsurance Group of America Prices $400M Subordinated Debentures

Offering of 6.375% fixed-rate debentures due 2056 to fund general corporate needs

Published on Feb. 24, 2026

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Reinsurance Group of America, Incorporated (RGA) announced the pricing of $400 million in 6.375% Fixed-Rate Reset Subordinated Debentures due 2056. The debentures will be issued at 100% of par and are expected to close on March 3, 2026. RGA plans to use the net proceeds for general corporate purposes, which may include refinancing debt obligations.

Why it matters

The debt offering allows RGA to raise additional capital to support its global reinsurance business and financial solutions. As a leading reinsurer, RGA's ability to access the debt markets on favorable terms is an important indicator of its financial strength and creditworthiness.

The details

The $400 million debentures will mature on September 15, 2056 and feature a fixed-rate coupon of 6.375% payable semiannually. BofA Securities, J.P. Morgan, U.S. Bancorp Investments, and Wells Fargo Securities are acting as joint book-running managers for the offering, with Barclays, RBC Capital Markets, and SMBC Nikko as co-managers.

  • The debentures are expected to close on March 3, 2026.
  • The debentures will mature on September 15, 2056.

The players

Reinsurance Group of America, Incorporated

A global industry leader specializing in life and health reinsurance and financial solutions, with approximately $4.3 trillion of life reinsurance in force and total assets of $156.6 billion as of December 31, 2025.

BofA Securities, Inc.

One of the joint book-running managers for the debenture offering.

J.P. Morgan Securities LLC

One of the joint book-running managers for the debenture offering.

U.S. Bancorp Investments, Inc.

One of the joint book-running managers for the debenture offering.

Wells Fargo Securities, LLC

One of the joint book-running managers for the debenture offering.

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What they’re saying

“This debt offering allows RGA to raise additional capital to support its global reinsurance business and financial solutions.”

— Jeff Hopson, Senior Vice President, Investor Relations (Business Wire)

What’s next

The debentures are expected to close on March 3, 2026, subject to the satisfaction of customary closing conditions.

The takeaway

RGA's ability to access the debt markets on favorable terms demonstrates its financial strength and creditworthiness as a leading global reinsurer, allowing it to raise capital to support its business and growth initiatives.