Credit Agricole Securities Announces Placement of $300 Million of Asset-Backed Notes for an Affiliate of Reinsurance Group of...

Credit Agricole Securities (USA) Inc. today announced the placement of US$ 300 million of asset-backed notes issued by Chesterfield Financial Holdings LLC, marking the first securitization of U.S. life insurance embedded value since the financial crisis. The transaction covers a closed block of policies assumed by RGA Reinsurance Company (“RGA Re”), a wholly owned indirect subsidiary of Reinsurance Group of America, Incorporated (“RGA Inc.”), between 2006 and 2010.

Credit Agricole Securities, a subsidiary of Credit Agricole Corporate and Investment Bank, was the structuring lead and sole book runner on the transaction, which includes a single tranche rated A- (sf) by Standard and Poor’s. The notes have an average life of 4.7 years and a coupon rate of 4.50%.

Principal repayment on the notes is linked to the emergence of future profits on a closed block of yearly renewable term (“YRT”) reinsurance business, consisting of approximately 600 reinsurance treaties underwritten by RGA Re from over 100 separate life-insurance groups.

Independent third-party analysis of the cash flows under various scenarios for the notes was provided by Towers Watson.

”We were delighted to advise RGA on this transaction which demonstrates our structuring and placement capabilities in the insurance sector,” said Vincent Fleury, Global Securitization Head, Credit Agricole CIB.

The Chesterfield Financial Holdings LLC notes have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. The notes were sold, and may be reoffered and resold (A) in the United States, only to investors who are “Qualified Institutional Buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”) and (B) in “Offshore Transactions” to persons other than “U.S. Persons” (each as defined in Regulation S under the Securities Act).

About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)

Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s No. 8 largest bank by total assets (The Banker, July 2014). The Bank offers its clients a comprehensive range of products and services structured around five major divisions:

• Client Coverage & International Network
• Global Investment Banking
• Structured Finance
• Global Markets
• Debt Optimization & Distribution

The Bank provides support to clients in large international markets through its network with a presence in major countries in Europe, America, Asia Pacific and the Middle East.

Credit Agricole Securities (USA) Inc., a subsidiary of Credit Agricole CIB, is a global full-service broker-dealer and a member of NYSE and NASD.

For more information, please visit its website at www.ca-cib.com

About RGA Inc.

Reinsurance Group of America, Incorporated (NYSE: RGA), one of the largest global life reinsurance companies in the world, provides clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development. The company serves clients from operations in Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United Kingdom, and the United States. Worldwide, RGA has approximately $2.9 trillion of life reinsurance in force and assets of $42.9 billion.

www.ca-cib.com

For media inquiries, please contact:Crédit Agricole CIB AmericasMs. Mary GuzmanTel: +1 212 [e-mail] & CompanySteven S. AnrederMichael WichmanTel: [e-mail]@anreder.com