Reinsurance News

American Life signs key agreement with Seneca Re

12th August 2020 - Author: Staff Writer

American Life, a wholly owned subsidiary of Midwest Holding, has entered into a reinsurance agreement with a newly-formed reinsurance company established by Seneca Re and capitalized by Crestline Management.

handshake-bwThe agreement was entered into pursuant to a Master Letter among American Life, Seneca Re and Crestline and will support American Life’s new business production by providing reinsurance capacity to write certain kinds of fixed and multi-year guaranteed annuity products.

Concurrently, with the agreement American Life and the reinsurer each entered into investment management agreements with Crestline, pursuant to which Crestline will manage the assets that support the reinsured business.

In addition, American Life and the reinsurer entered into a trust agreement whereby the reinsurer maintains for American Life’s benefit a trust account that supports the reinsured business.

Furthermore, pursuant to the Master Agreement, the parties thereto have agreed to enter into a separate agreement whereby, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will refer potential advisory clients to Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline.

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