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Vespoint recapitalizes Midwest Holding subsidiary

Vespoint LLC has completed the recapitalization of American Life & Security Corp., a subsidiary of Midwest Holding Inc.

With Vespoint's latest contribution of $17.5 million, it has now provided American Life & Security with total funding of $20.5 million this year.

Midwest Holding said A.M. Best has assigned a financial strength rating of "B++" to American Life & Security.

Vespoint is the controlling shareholder of Midwest Holding. American Life & Security is a Lincoln, Neb.-based life and annuity insurer.