Technology-enabled, services-oriented life and annuity platform Midwest Holding has announced that its American Life & Security Corp (ALSC) subsidiary has entered into a reinsurance agreement with American Republic Insurance Company (ARIC).
The agreement is renewable on an annual basis, subject to potential adjustment of the quota share, up to $100 million of premium per year.
“This is a meaningful partnership for Midwest as we look forward to a long-term collaboration with AEG,” said Midwest co-Chief Executive Officer Mike Minnich.
“The transaction is consistent with our commitment to being a leading insurance-as-a-service platform and reinforces our strategy of pursuing high-level reinsurance relationships in support of our business objectives.”
1505 Capital, a subsidiary of Midwest, will manage the assets covered by the agreement and Midwest will report transactions under the agreement beginning in its second quarter financial statements.
