Close
ThinkAdvisor

Life Health > Life Insurance

Colonial Penn Takes Back Life Premiums From Swiss Re Unit

X
Your article was successfully shared with the contacts you provided.

Colonial Penn Life Insurance Company, a unit of Conseco Inc., has completed efforts to recapture a block traditional life insurance premium in force that it had been ceded to Reassure America Life Insurance Company.

Colonial Penn had ceded about $50 million in life policies in 2002 to Reassure, which is a unit of Swiss Reinsurance Company, Zurich.

In connection with the latest transaction, which took effect Oct. 1, Colonial Penn has paid Reassure a recapture fee of $63 million to gain back 100% of the liability for the future benefits previously ceded.

Colonial Penn already administers the policies that were recaptured, Conseco says.

More on this topic