A Midwestern insurer says it now has received all of the regulatory approvals it needs to have another company coinsure old blocks of annuities.
Conseco Inc., Carmel, Ind., says 3 insurance company subsidiaries will be coinsuring most of their older in-force equity-indexed annuity and fixed annuity business with Reassure America Life Insurance Company, a unit of Swiss Re Life & Health America Inc., Stamford, Conn.
Swiss Re Life is a unit of Swiss Reinsurance Company, Zurich.
The transaction should generate about $76.5 million in ceding commissions and free some of the capital used to support the annuities, Conseco says.
Conseco hopes to the complete the deal by mid-October.