Conseco Enters Into Reinsurance Agreement With Wilton Re
For co-insuring life insurance policies with Wilton Re
Conseco has announced a new agreement under which its Bankers Life and Casualty Company subsidiary (Bankers Life) will co-insure, with an effective date of October 1, 2009, about 237,000 life insurance policies with Wilton Reassurance Company (Wilton Re).
Reportedly, Wilton Re will pay a ceding commission of approximately $45m and 50% co-insure these policies, which will continue to be administered by Bankers Life.
Jim Prieur, CEO of Conseco, said: This transaction is expected to increase Conseco's consolidated risk-based capital ratio by 9% points, along with increasing statutory capital by the amount of the ceding commission.”
As per the transaction, Bankers Life intends to transfer to Wilton Re approximately
$95m in investment securities and policy loans and $140m of statutory policy and other liabilities. The transaction, which is subject to the approval of insurance regulators in Illinois and Wisconsin, is expected to be completed in the fourth quarter of 2009.
Related Insight
Suppliers Directory
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.