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Posted 23 June, 2023

REINSURANCE GROUP OF AMERICA INC appointed Anna Manning as new CEO

NYSE:RGA appointed new Chief Executive Officer Anna Manning in a 8-K filed on 23 June, 2023.


  As previously disclosed, Mr. Cheng is relocating to St. Louis in connection with the Company's plan to appoint him as Chief Executive Officer upon the retirement of Anna Manning, the Company's current Chief Executive Officer, on December 31, 2023.  

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Overview of REINSURANCE GROUP OF AMERICA INC
Financial Services • Reinsurance
Reinsurance Group of America, Inc. is a holding company, which engages in the provision of traditional and non-traditional life and health reinsurance products. It operates through the following segments: U.S. and Latin America, Canada, Europe, Middle East, and Africa, Asia Pacific, and Corporate and Other. The U.S. and Latin America segment markets individual and group life and health reinsurance to domestic clients for a variety of products through yearly renewable term agreements, coinsurance, and modified coinsurance. The Canada segment offers individual life reinsurance, and, to a lesser extent, creditor, group life and health, critical illness, and disability reinsurance, through yearly renewable term and coinsurance agreements. The Europe, Middle East, and Africa segment serves individual and group life and health products through yearly renewable term and coinsurance agreements, reinsurance of critical illness coverage that provides a benefit in the event of the diagnosis of a pre-defined critical illness, and underwritten annuities. The Asia Pacific segment consists of individual and group life and health reinsurance, critical illness coverage, disability, and superannuation through yearly renewable term and coinsurance agreements. The Corporate and Other segment consists of investment income from unallocated invested assets, investment related gains, and losses and service fees. The company was founded in 1973 and is headquartered in Chesterfield, MO.
Market Cap
$12.0B
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REINSURANCE GROUP OF AMERICA INC by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On June 23, 2023, a subsidiary (the "Subsidiary") of Reinsurance Group of America, Incorporated (the "Company") entered into a letter agreement (the "Letter Agreement") with Tony Cheng, the Company's President, pursuant to which the Subsidiary agreed to provide Mr. Cheng with certain tax equalization, relocation and related payments in connection with Mr. Cheng's relocation from Hong Kong to St. Louis, Missouri (the "Relocation"). As previously disclosed, Mr. Cheng is relocating to St. Louis in connection with the Company's plan to appoint him as Chief Executive Officer upon the retirement of Anna Manning, the Company's current Chief Executive Officer, on December 31, 2023. 

The Letter Agreement provides that the Subsidiary will make one or more tax equalization payments to Mr. Cheng to eliminate the impact of U.S. taxes, as compared to Hong Kong taxes, with respect to (a) any payments made to Mr. Cheng in relation to his existing employment agreement regarding his employment in Hong Kong (the "Employment Agreement"); (b) portions of payments under the Company's Annual Bonus Plan for 2023 that accrue before the Relocation and (c) any of the Company's long-term incentive awards that vest before the Relocation. Descriptions of Mr. Cheng's awards under the Annual Bonus Plan and his long-term incentive awards were previously reported in Company's proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 13, 2023 under "Compensation Disclosure and Analysis." 

The Subsidiary will also engage legal, tax and other service providers to assist Mr. Cheng with immigration, relocation and tax preparation and filing, and will reimburse certain expenses related to the Relocation. Mr. Cheng will receive a cash payment for vacation time accrued prior to the Relocation. Additionally, upon Relocation, the Employment Agreement will terminate. 

The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 to this report and is incorporated herein by reference.