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September 08, 2009 at 08:00 PM
Units of Conseco Inc. are sharing responsibility for about 104,000 life insurance policies with Wilton Reassurance Company through a coinsurance arrangement.
Wilton Reassurance, Plymouth, Minn. – a unit of Wilton Re Holdings Ltd., Wilton, Conn. — is paying a ceding commission of about $57.5 million, providing 100% coinsurance, and taking over responsibility for future administration of the coinsured policies, Conseco says.
The policies, written by Conseco’s Washington National Insurance Company and Conseco Insurance Company units, are non-core, and the units are transferring about $409 million in cash and policy loans and $466 million in reserves to Wilton Reassurance, Conseco says.
