Reinsurance Group of America

RGA invests a proprietary general account — not third-party client capital — which means it faces no redemption risk and can hold illiquid assets through full market cycles. The portfolio exists to back long-duration life and health reinsurance liabilities, giving the investment team a genuinely multi-decade horizon that most asset managers cannot replicate. This permanent-capital structure allows RGA to allocate more heavily to private credit, direct real estate, and infrastructure than a typical manager running daily-liquid funds.

Jayson Bronchetti, Executive Vice President of Investments, leads the investment function and reports to CFO Axel André and CEO Tony Cheng. The internal investment team is relatively lean for an asset base of RGA's scale, and the firm relies extensively on external managers and co-investment partnerships across alternative asset classes. Major strategic decisions — such as the $32 billion Equitable Holdings reinsurance transaction — involve coordination across the investment, actuarial, and corporate development teams.

RGA owns a collection of commercial office properties across the United States and United Kingdom. Known holdings include the firm's Chesterfield, Missouri world headquarters at 16600 Swingley Ridge Road, a position in Park Avenue Tower in New York City, an office building at 2610 Wycliff Road in Raleigh, an industrial property in Portland, Oregon, and Level 45 at 22 Bishopsgate in London. The portfolio is geographically concentrated in major metropolitan markets where RGA maintains operating hubs.

RGA invests through a single corporate entity but manages separate asset-liability matching mandates for its North American and international reinsurance books. The North American portfolio is primarily dollar-denominated, while the international portfolio spans multiple currencies and regulatory regimes. The 2023 Equitable Holdings reinsurance transaction added a third major mandate, absorbing $32 billion in legacy liabilities and their associated general account assets.

RGA allocates to private credit, infrastructure, real estate equity, and hedge fund strategies through the general account. The firm also holds a significant portfolio of directly owned commercial real estate rather than relying solely on fund investments. Private placements and commercial mortgage loans represent additional sources of illiquidity premium within the fixed-income allocation.

In September 2023, RGA completed a $32 billion reinsurance transaction with Equitable Holdings involving legacy life and annuity blocks. This deal transferred both the liabilities and the associated general account assets to RGA, significantly expanding the firm's balance sheet. Equitable Holdings maintains an ongoing strategic partnership with RGA as part of the transaction framework.

Yes. The RGA Foundation operates as a separate philanthropic entity focused on community health and education initiatives in the geographic regions where RGA maintains operations. The foundation's assets and grant-making are segregated from the general account investment portfolio and are not part of the firm's liability-matching allocation strategy.