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Collateral Finance and Securitization Notes | 12 Months Ended
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Dec. 31, 2021
Collateralized Financings [Abstract] |
Collateral Finance and Securitization Notes | COLLATERAL FINANCE AND SECURITIZATION NOTES Collateral Finance Notes In 2006, RGA’s subsidiary, Timberlake Financial L.L.C. (“Timberlake Financial”), issued $850 million of Series A Floating Rate Insured Notes, due June 2036, in a private placement. The notes were issued to fund the collateral requirements for statutory reserves required by Regulation XXX on specified term life insurance policies reinsured by RGA Reinsurance and retroceded to Timberlake Re. Proceeds from the notes, along with a $113 million direct investment by RGA, were deposited into a series of accounts that collateralize the notes and are not available to satisfy the general obligations of the Company. As of December 31, 2021 and 2020, respectively, the Company held assets in trust and in custody of $465 million and $572 million, of which $39 million and $40 million were held in a Debt Service Coverage account to cover interest payments on the notes. Interest on the notes accrues at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly, and totaled $1 million, $3 million and $9 million in 2021, 2020 and 2019, respectively. In 2015, RGA’s subsidiary, RGA Reinsurance Company (Barbados) Ltd. (“RGA Barbados”) obtained CAD$200.0 million of collateral financing from a third party that matured in May 2020, enabling RGA Barbados to support collateral requirements for Canadian reinsurance transactions. The obligation is reflected on the consolidated balance sheets in collateral finance and securitization notes. Interest on the collateral financing is payable quarterly and accrues at 3-month Canadian Dealer Offered Rate plus a margin and totaled $0 million, $2 million and $5 million in 2021, 2020 and 2019, respectively. Securitization Notes In 2014, RGA’s subsidiary, Chesterfield Financial Holdings LLC, (“Chesterfield Financial”), issued $300 million of asset-backed notes due December 2024 in a private placement. The notes were called and fully redeemed on December 15, 2021. As of December 31, 2021 and 2020, the Company held deposits in trust of $0 million and $10 million, respectively, to cover interest payments on the notes, which are not available to satisfy the general obligations of the Company. Interest on the notes accrues at an annual rate of 4.50%, payable quarterly, and totaled $6 million, $7 million and $8 million in 2021, 2020 and 2019, respectively. The Company’s collateral finance and securitization notes consist of the following as of December 31, 2021 and 2020 (dollars in millions):
| 2021 |  | 2020
Timberlake Financial | $ | 181 |  |  | $ | 247 |
Chesterfield Financial | — |  |  | 143 |
Unamortized issuance costs | (1) |  |  | (2) |
Total | $ | 180 |  |  | $ | 388 |

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- Definition Discussion of collateral financing arrangements. + References No definition available. + Details
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- References No definition available. + Details
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