Prime Reinsurance Co is a Citigroup unit created six years ago when the bank spun off its life insurance business, Primerica Inc. The coinsurance agreement represented the majority of Citigroup's remaining reinsurance activities with Primerica Inc and covered a block of term life insurance policies that were in force on Dec. The bank said the transaction would result in a reduction of about $2.5 billion of assets from Citi Holdings' balance sheet. (Reuters) - Citigroup Inc replaced Prime Reinsurance Company Inc with a subsidiary of Swiss Re Life & Health America Inc as Primerica Life Insurance Company's reinsurer on a coinsurance agreement, the U.S.
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