December 21, 2007 at 04:42 AM
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.
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