Crédit Agricole CIB acted as sole lead arranger and sole structurer of a USD 325 million reserve financing transaction for Aviva's principal US operating subsidiaries, Aviva Life and Annuity Company (ALAC) and Aviva Life & Annuity Company of New York (ALACNY). The transaction provides a long-term, flexible and cost effective solution for the financing of  “Regulation AXXX” and “XXX”  reserve requirements in the US through long dated letters of credit issued by Crédit Agricole CIB.

The financing covers a block of term and universal life insurance policies written by ALAC and ALACNY. The transaction was successfully executed against the backdrop of continuing challenging market conditions.

Aviva is the world’s fifth largest insurance group, the largest insurance services provider in the United Kingdom and one of the leading providers of life and pensions products in Europe.