Crestline, a credit focused institutional asset manager, has announced the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company (CL Life).
Through this “strategic” acquisition, Crestline enters the direct annuity insurance market.
CL Life will provide insurance products to independent agents through tax-deferred fixed annuities, which offer lifetime income options and penalty-free withdrawals.
The CL Sundance Annuity is a single premium deferred annuity with the choice of a 2-, 3-, 5- or 7-year interest rate guarantee period. It is designed to align with the specific needs of its policyholder’s financial plans, Crestline explained.
Doug Bratton, Founding Partner, CEO and Co-CIO of Crestline, commented: “Through this strategic acquisition, we are excited to be partnering with an established insurance and annuity team with deep industry expertise and a strong background in delivering high-quality, competitive products for policyholders.
“Rick Hodgdon, President and Head of Insurance Business at CL Life is an industry-veteran with over four decades of experience successfully building and scaling profitable insurance and reinsurance businesses.
“We look forward to working with Rick and his experienced team on seeking to deliver annuity products that meet the financial goals of our clients and offer strong returns for policyholders.”
Rick Hodgdon said: “Crestline’s disciplined and strategic support will enable CL Life to effectively capitalise on our growth strategy and offer policy holders competitive annuity products with a disciplined investment program to ultimately help them reach their financial goals.”
