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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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Go deeper on emerging topics, as well as key firms and thought leaders
September 08, 2006 at 12:45 PM
The U.S. arm of a British insurer has tapped the capital markets for capital it can use to support term life insurance product guarantees.
Banner Life Insurance Company, Rockville, Md., a unit of Legal & General Group P.L.C., London, says First British American Reinsurance Company II, a special-purpose financial captive with a domicile in South Carolina, has raised $450 million.
Banner Life will be using the capital to use a reinsurance arrangement to meet Regulation XXX reserve requirements for a block of level-premium term life insurance business.
FBARC II has the authority to raise an additional $50 million if the experience of the reinsured block turns out to be much worse than expected, Banner Life says.
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