trending Market Intelligence /marketintelligence/en/news-insights/trending/p1r7qMdkpUFk5RB0Wbxf1w2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Midwest Holding unit enters co-insurance agreement with Barbados-based reinsurer

Blog

Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Investment Research Brokers Ramp up Cryptocurrency Coverage

Blog

COVID-19 Impact & Recovery: Financial Industry Outlook for H2 2021


Midwest Holding unit enters co-insurance agreement with Barbados-based reinsurer

Midwest Holding Inc. subsidiary American Life & Security Corp. has entered into a funds withheld co-insurance and modified co-insurance agreement with Barbados-based Ironbound Reinsurance Co. Ltd.

The agreement took effect July 25 and was finalized July 31. It provides that as of the effective date, American Life ceded on a funds withheld co-insurance and modified co-insurance basis an initial 95% quota share of certain liabilities in connection with certain multiyear guarantee annuities business of American Life. The quota share, which the reinsurer accepted, may be adjusted from time to time by American Life, subject to a 30% floor under certain conditions.

Additionally, the agreement states that Ironbound Reinsurance must pay American Life an administrative expense fee that covers the cost of providing all administrative and other services needed or appropriate as regards the administration and distribution of the reinsured policies and the reinsured liabilities.