MetLife-Travelers Life Deal May Affect RGA

At S&P, "the ratings on RGA reflect, in part, implicit support from MetLife as a strategically important member of the group," S&P says in a comment about its decision to review its RGA ratings.

Now that MetLife says it might consider selling its stake in RGA, "Standard & Poor's no longer considers RGA to be strategic to MetLife and will be rating RGA solely on its stand-alone characteristics," S&P says.

S&P will be talking to RGA managers about RGA strategy and capitalization plans, and, if the RGA ratings are lowered, the ratings "are not expected to fall by more than one notch," S&P says.

Fitch says it may not have to change its RGA rating because the rating already incorporates the possibility that MetLife might sell its stake in the reinsurer. "Fitch's ratings on RGA reflect the company's stand-alone profile," Fitch says.

Representatives for RGA were not immediately available for comment.