Hannover Life Reassurance Company of America, the US life and health reinsurance subsidiary of Hannover Re, has entered an agreement to reinsure a percentage of Independent Life’s new and existing business.
Independent Life will remain 100% responsible for the benefit payments to the structured settlement payees and will continue to administer these payments.
Hannover Re US will reimburse Independent Life for the reinsured portion of these payments.
James D. Atkins, Chief Executive Officer of Independent Life said: “This is an important element of Independent Life’s overall capital plan. This arrangement will provide additional protections for our customers while facilitating the future growth of our business.”
Independent Life will continue to maintain appropriate controls to manage its business risks and protect the long-term interest of its payees.
Peter Schaefer, Chief Executive Officer for Hannover Re US added, “Hannover Re US is committed to expanding reinsurance support for the broader annuity market.
“We are excited to partner with Independent Life and applaud the effort and the mission of the structured settlement industry. Independent Life provides Hannover Re US with a platform to participate in an industry that improves the lives of personal injury victims and their families.”
The addition of the reinsurance agreement with Hannover Re US will enhance Independent Life’s ability to continue to develop innovative solutions for the structured settlement industry.