Munich Re buys Citi reinsurer

Munich Re has purchased investment bank Citi's special purpose
reinsurance unit Financial Reassurance Company (FRAC).
The financial terms of the transaction were not disclosed.
The carrier reinsures a block of term life insurance policies
issued by Primerica Life Insurance Company of Canada that were in
force as of 18 December 2009.
Citi said the transaction would remove around $460mn of assets
from the balance sheet of its non-core holdings group, Citi
Holdings.
Citi Holdings CEO Francesco Vann