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Independent Life Insurance firm Announces Reinsurance commitment with Hannover Life Reassurance company of America
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DALLAS, Jan. 4, 2021 /incubadoradeartistas.com/ -- Independent Life Insurance firm ("Independent Life") announced today it has gone into into a reinsurance covenant with Hannover Life Reassurance company of America ("Hannover Re US"), rated A+ by A.M. Best. In accordance v this agreement, efficient October 1, 2020 Hannover Re united state will reinsure a percent of elevation Life"s in-force organization and brand-new business. Elevation Life continues to be 100% responsible because that the advantage payments come the structured negotiation payees and will proceed to administer these payments. Hannover Re us will reimburse elevation Life for the reinsured portion of these payments.

"This is an important element of elevation Life"s overall capital plan," mutual James D. Atkins, Chief executive, management Officer of independent Life. "This arrangement will provide added protections for our client while facilitating the future expansion of our business."


Effective October 1, 2020 Hannover Re united state will reinsure a portion of independent Life"s in-force and brand-new business.

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This transaction is not expected to readjust the means Independent Life price or underwrites that is structured settlement annuity products. Live independence Life will certainly still be known for its vain pricing result from its detailed medical underwriting. Elevation Life will proceed to maintain appropriate controls to regulate its company risks and also protect the permanent interest the its payees.

"Hannover Re united state is cursed to broadening reinsurance assistance for the broader annuity market. We are excited to partner with live independence Life and also applaud the effort and the mission of the structured negotiation industry," stated Peter Schaefer, Chief executive, management Officer because that Hannover Re US. "Independent Life gives Hannover Re US through a platform to get involved in an market that boosts the resides of an individual injury victims and also their families."

The addition of the reinsurance covenant with Hannover Re us will improve Independent Life"s capacity to proceed to construct innovative options for the structured negotiation industry.

ABOUT INDEPENDENT insurance GROUP

Independent Life insurance allowance Company, a subsidiary within Independent insurance allowance Group, was named the 2nd fastest growing U.S.-based life insurer in 2019 through S&P worldwide Insights. The agency is the first annuity provider to focus solely on the structured settlement industry to help personal injury victims and also their families. Elevation Life insurance Company"s score is to carry out trustworthy, competitive and also innovative annuity assets that professional consultants have the right to easily combine with various other financial products and governmental services to create optimum negotiation planning services for personal injury victims and also their families. For extr details, please visit www.independent.life.

ABOUT HANNOVER RE

Hannover Re, v gross premium of an ext than EUR 22 billion, is the third-largest reinsurer in the world. The transacts every lines of residential or commercial property & casualty and life & health and wellness reinsurance and also is existing on every continents with more than 3,000 staff. Established in 1966, the Hannover Re group today has a network of an ext than 150 subsidiaries, branches and representative offices worldwide. The Group"s German organization is composed by the subsidiary E+S Rück. The rating agencies most relevant come the insurance money industry have actually awarded both Hannover Re and E+S Rück superior financial stamin ratings: traditional & Poor"s AA- "Very Strong" and also A.M. Best A+ "Superior".