Benefit Insurance coverage Inc. (“Benefit”), a pacesetter in offering custom-made insurance coverage options for companies and people, introduced at present that it not too long ago accomplished a sequence of transactions to broaden and strengthen its life insurance coverage enterprise. Highlights embody:
Merger of our subsidiaries U.S. Commonwealth Life, A.I. and Benefit Life Assurance A.I. to consolidate and streamline Puerto Rico operations
Allocation of over $100 million of incremental surplus capital to our core life insurance coverage carriers to help latest and future development
Benefit CEO Walter Keenan mentioned, “2021 was an vital 12 months for Benefit and its life insurance coverage policyholders. Following a number of years of cautious planning and evaluation, we accomplished a restructuring and recapitalization of our life insurance coverage enterprise that solidly positions Benefit Life as a premier supplier of personal placement life insurance coverage globally, measured by its stability sheet energy and broad vary of coverage choices.”
Following the transactions, Benefit Life has six particular person life insurance coverage subsidiaries situated in three main insurance coverage domiciles, which along with Benefit’s different insurance coverage providers companies serve over 700 insurance coverage purchasers and their wealth advisors globally. As of December 31, 2021 Benefit’s life insurance coverage enterprise had whole belongings of over $4 billion, supported by over $100 million of surplus capital accessible to pay coverage claims.
Authorized advisors to Benefit have been Conyers, Dill & Pearman; Mayer Brown LLP; and Vidal, Nieves & Bauzá, LLC. Actuarial providers have been supplied by Insurance coverage Methods Consulting, LLC.
Benefit Insurance coverage Inc., via its working subsidiaries, offers custom-made insurance coverage services to companies and people worldwide. Based in 1993, at present Benefit serves over 700 insurance coverage purchasers and administers over $4 billion of insurance coverage belongings from its headquarters in San Juan, Puerto Rico and extra places in Bermuda, the Cayman Islands and United States. Benefit’s main traces of enterprise embody non-public placement life insurance coverage, captive insurance coverage administration, and institutional funding advisory providers. Contact individuals and extra data is accessible on the corporate’s web site: www.advantagelife.com
CONTACT: Walter Keenan +1-787-705-2900