Wilton Re Completes the Reinsurance of Legacy Long-Term Care Insurance Policies from CNO Financial Group’s Bankers Life Subsidiary

September 27, 2018

(Norwalk, CT) Today, Mike Fleitz, Chief Executive Officer of Wilton Reassurance Company, confirmed the successful completion of a transaction to reinsure legacy comprehensive and nursing home long-term care insurance policies (“LTC”) from Bankers Life and Casualty Company (“Bankers Life”), a subsidiary of CNO Financial Group, Inc. (“CNO”).  In total, Wilton Re has assumed $2.7 billion of LTC statutory reserves through administrative reinsurance agreements with CNO. CNO has paid a ceding commission of $825 million to reinsure the business. Wilton Re will assume administration for the business after a transition period.

About Wilton Re

Wilton Re is a leading provider of In Force Solutions. Focusing on the North American life insurance market, the Company provides risk capital and related services including M&A. Our administrative capabilities provide the industry with efficient and effective runoff management of legacy blocks of life insurance and annuity contracts.

Wilton Re is committed to creating solutions that enhance value for our clients, their policyholders and shareholders. Our approach is centered on building lasting relationships with our business partners and sharing resources, industry knowledge and experience in an open, transparent manner.

To find out more about our group of companies, please go to www.wiltonre.com, www.texaslife.com, www.ivari.ca

About CNO Financial Group

CNO Financial Group, Inc. is a holding company. The company’s insurance companies – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily serve middle-income pre-retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement.

For more information, visit CNO online at CNOinc.com

A.M. Best Affirms Credit Ratings of Wilton Re Ltd and Its Subsidiaries

A.M. Best Affirms Credit Ratings of Wilton Re Ltd and Its Subsidiaries

August 8th, 2018

(Norwalk, CT)  A.M. Best has commented that the Credit Ratings of Wilton Reassurance Company (Wilton Re) (Minneapolis, MN) and its insurance subsidiaries remain unchanged following the August 1, 2018, announcement that Wilton Re has reached a definitive agreement to reinsure a $2.7 billion block of long-term care (LTC) insurance policies issued by Bankers Life and Casualty Company (Bankers Life) (Chicago, IL).

A.M. Best affirmed on June 21, 2018 the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Wilton Reinsurance Bermuda Limited (Bermuda), Wilton Reassurance Company (Minneapolis, MN), Texas Life Insurance Company (Waco, TX), Wilton Reassurance Life Company of New York (Rye Brook, NY), Wilcac Life Insurance Company (Jacksonville, IL) and Wilco Life Insurance Company (Carmel, IN), collectively referred to as Wilton Re.

The outlook of all these Credit Ratings remains stable.

The ratings reflect Wilton Re’s very strong balance sheet strength, as well as strong operating performance, favorable business profile and appropriate enterprise risk management.

Please go here for the updated full A.M. Best release.

Fitch Affirms Wilton Re Ratings

Fitch Affirms Wilton Re’s Ratings

August 8th, 2018

(Norwalk, CT) Fitch Ratings has re-affirmed on August 1, 2018 the ‘A+’ Insurer Financial Strength (IFS) ratings of Wilton Reassurance Company (WRAC), Wilton Reinsurance Bermuda Limited, Wilton Reassurance Life Company of New York, Texas Life Insurance Company and Wilco Life Insurance Company (collectively referred to as Wilton Re), as well as ivari. Fitch has also affirmed Wilton Re Ltd.’s Long-Term Issuer Default Rating (IDR) at ‘A-‘ following the announcement that Wilton Re plans to reinsure a block of long-term care (LTC) business from an indirect subsidiary of CNO Financial Group, Inc. (CNO).

The Rating Outlook is “Stable”.

On April 20, 2018, Fitch Ratings had affirmed the ‘A+’ Insurer Financial Strength (IFS) ratings of Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, Wilton Reassurance Life Company of New York, Texas Life Insurance Company and Wilco Life Insurance Company (collectively referred to as Wilton Re), as well as ivari. Fitch has also affirmed the long-term Issuer Default Rating (IDR) of Wilton Re Ltd. at ‘A-‘. The Rating Outlook was also “Stable”.

For a complete list of rating actions, please go here.

Wilton Re Executes Agreements to Reinsure Legacy Long-Term Care Insurance Policies from CNO Financial’s Bankers Life Subsidiary

Wilton Re Executes Agreements to Reinsure Legacy Long-Term Care Insurance Policies from CNO Financial’s Bankers Life Subsidiary

August 01, 2018

(Norwalk, CT) Today, Wilton Re executed definitive agreements to reinsure legacy comprehensive and nursing home long-term care insurance policies (“LTC”) from Bankers Life and Casualty Company (“Bankers Life”), a subsidiary of CNO Financial Group, Inc. (“CNO”). In total, Wilton Re will assume $2.7 billion of LTC statutory reserves through administrative reinsurance agreements with CNO. CNO will pay a ceding commission of $825 million to reinsure the business. Wilton Re will assume administration for the business after a transition period.

The transaction is consistent with Wilton Re’s aspiration to develop risk, capital and administrative solutions to address our clients’ largest and most complex needs. The transaction also expands Wilton Re’s leading position for comprehensive run off management solutions in North America into the long term care insurance line of business. This represents the fourth significant deal between Wilton Re and CNO.

“This represents the inaugural long-term care insurance transaction for Wilton Re, which we view as in line with our core competencies and the value proposition we bring to our clients,” said Mike Fleitz, Chief Executive Officer of Wilton Reassurance Company. “We are pleased to assist CNO with this important transaction, which will provide CNO with a permanent transfer of its legacy LTC business risk. Wilton Re has enjoyed a long working relationship with CNO and this transaction provides them with a solution which will help to increase ROE, improve future cash flows and allow the company to focus on its core strategy of serving the needs of the middle-income market.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2018.

About Wilton Re

Wilton Re is a leading provider of In Force Solutions. Focusing on the North American life insurance market, the Company provides risk capital and related services including M&A. Our administrative capabilities provide the industry with efficient and effective runoff management of legacy blocks of life insurance and annuity contracts.

Wilton Re is committed to creating solutions that enhance value for our clients, their policyholders and shareholders. Our approach is centered on building lasting relationships with our business partners and sharing resources, industry knowledge and experience in an open, transparent manner.

To find out more about our group of companies, please go to www.wiltonre.com, www.texaslife.com, www.ivari.ca

To review CNO’s press release regarding the transaction, please go here.

About CNO

CNO Financial Group, Inc. is a holding company. The company’s insurance companies – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily serve middle-income pre-retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement.

For more information, visit CNO online at https://www.cnoinc.com/

Wilton Re Completes the Acquisition of Payout Annuity and BOLI/COLI businesses from Aegon’s Transamerica Unit

Wilton Re Completes the Acquisition of Payout Annuity and BOLI/COLI businesses from Aegon’s Transamerica Unit

June 29, 2017

(Norwalk, CT) Today, Chris Stroup, Chairman and CEO of Wilton Re, confirmed the successful completion of a transaction to acquire Transamerica’s two largest US run-off businesses: the payout annuity business and the bank owned / corporate owned life insurance business (BOLI/COLI).  In total, Wilton Re has assumed $14 billion of general account and separate account liabilities through administrative reinsurance agreements with Transamerica subsidiaries.  Wilton Re will now assume administration for the business.

About Aegon

Aegon’s roots go back more than 170 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. More information on Aegon’s homepage here.

About Wilton Re

Wilton Re is a leading provider of In Force Solutions. Focusing on the North American life insurance market, the Company provides risk capital and related services including M&A.  Our administrative capabilities provide the industry with efficient and effective runoff management of legacy blocks of life insurance and annuity contracts.

The Company also partners with companies to implement new business strategies for middle-market sales, with an emphasis on worksite, senior market and simplified term products. Wilton Re offers fully customized solutions that include private labeling with supporting delivery and administrative systems.

Wilton Re is committed to creating solutions that enhance value for our clients, their policyholders and shareholders. Our approach is centered on building lasting relationships with our business partners and sharing resources, industry knowledge and experience in an open, transparent manner.

To find out more about our group of companies, please go to www.wiltonre.com, www.texaslife.com, www.ivari.ca

A.M. Best Upgrades Credit Ratings of Wilton Re Ltd and Its Subsidiaries

A.M. Best Upgrades Credit Ratings of Wilton Re Ltd and Its Subsidiaries

June 02, 2017

(Norwalk, CT) A.M. Best has upgraded the Financial Strength Ratings (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-“ from “a+” of Wilton Reinsurance Bermuda Limited (Bermuda), Wilton Reassurance Company (Minneapolis, MN), Texas Life Insurance Company (Waco, TX), Wilton Reassurance Life Company of New York (Rye Brook, NY), Wilcac Life Insurance Company (Chicago, IL) and Wilco Life Insurance Company (Carmel, IN), collectively referred to as Wilton Re. The outlook of these ratings has been revised to stable from positive.

A.M. Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of ivari, Wilton Re’s Canadian operations. The outlook of these ratings is stable.

From the A.M. Best press release:
“These actions reflect Wilton Re’s solid risk-adjusted capitalization level, consistently strong operating earnings on its U.S. business, and high quality balance sheet and stable liability structure, focused principally on mortality risk. The ratings also recognize the ongoing commitment of providing capital by the company’s ultimate parent, Canada Pension Plan Investment Board (CPPIB), in support of Wilton Re’s future growth.”

A.M. Best further noted that, “Wilton Re’s transaction with Aegon N.V. to acquire the Transamerica Life subsidiaries’ U.S. run-off payout annuity and BOLI/COLI businesses will add significantly to the company’s liability profile. Wilton Re’s strategy of closed block acquisitions is viewed positively as it enhances the embedded value of the organization and of its future earnings and capital generation capabilities.”

To view the full report, please see the link here.

Wilton Re Announces the Agreement to Acquire Payout Annuity and BOLI/COLI businesses from Aegon’s Transamerica Unit

Wilton Re Announces the Agreement to Acquire Payout Annuity and BOLI/COLI businesses from Aegon’s Transamerica Unit

May 22nd, 2017

Today, the board of directors of Wilton Re Ltd (“Wilton Re”) announced the execution of a definitive agreement to acquire Transamerica’s two largest U.S. run-off businesses: the payout annuity business and the bank owned / corporate owned life insurance business (BOLI/COLI).  In total, Wilton Re will assume $14 billion of general account and separate account liabilities through administrative reinsurance agreements with Transamerica subsidiaries.  Wilton Re will assume administration for the business upon closing.

This represents the second significant deal between Wilton Re and the Aegon group, with Wilton Re having acquired Transamerica’s ongoing Canadian operations, now renamed ivari, in 2015. The transaction is consistent with Wilton Re’s aspiration to develop risk, capital and administrative solutions to address our clients’ largest and most complex needs.  And it reinforces Wilton Re’s leading position for comprehensive run off management solutions in North America.

“This acquisition is perfectly aligned with our core competencies and the value proposition we bring to our clients,” says Chris Stroup, Chairman and Chief Executive Officer, Wilton Re. “Wilton Re is the most experienced provider of In Force Solutions in the North American life insurance industry, and this business transaction with Aegon fits well with our strengths.  After the transaction has closed, we will ensure a seamless transition and continuity of service to customers by welcoming the team that currently administers this business to Wilton Re.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close this summer.

About Aegon

Aegon’s roots go back more than 170 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. More information on aegon.com/about.

About Wilton Re

Wilton Re is a leading provider of In Force Solutions. Focusing on the North American life insurance market, the Company provides risk capital and related services including M&A.  Our administrative capabilities provide the industry with efficient and effective runoff management of legacy blocks of life insurance and annuity contracts.

The Company also partners with companies to implement new business strategies for middle-market sales, with an emphasis on worksite, senior market and simplified term products. Wilton Re offers fully customized solutions that include private labeling with supporting delivery and administrative systems.

Wilton Re is committed to creating solutions that enhance value for our clients, their policyholders and shareholders. Our approach is centered on building lasting relationships with our business partners and sharing resources, industry knowledge and experience in an open, transparent manner.

To find out more about our group of companies, please go to www.wiltonre.com, www.texaslife.com and www.ivari.ca

To review Aegon’s press release regarding the transaction, please go here.

Fitch Affirms Wilton Re’s Ratings; Outlook Stable

Fitch Affirms Wilton Re’s Ratings

May 01, 2017

Fitch Ratings has affirmed the ‘A+’ Insurer Financial Strength (IFS) ratings of Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, Wilton Reassurance Life Company of New York, Texas Life Insurance Company, and Wilco Life Insurance Company (collectively referred to as Wilton Re), as well as ivari. Fitch has also affirmed the long-term Issuer Default Rating (IDR) of Wilton Re Ltd. at ‘A-‘. A complete list of rating actions is provided at the end of the release. The Rating Outlook is Stable.

The full press release from Fitch can be accessed here.

A.M. Best Revises Outlook to Positive for Wilton Re Ltd and Its Subsidiaries

A.M. Best Affirms Ratings of Wilton Re Holdings Limited and Its Subsidiaries

April 29, 2016

(Norwalk, CT)  A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a+” for Wilton Reinsurance Bermuda Limited (Bermuda), Wilton Reassurance Company (Minneapolis, MN), Texas Life Insurance Company (Waco, TX), Wilton Reassurance Life Company of New York (Rye Brook, NY), Wilcac Life Insurance Company (Chicago, IL) and Wilco Life Insurance Company (Carmel, IN), collectively referred to as Wilton Re. The outlook for all ratings is stable.

The revised outlook reflects Wilton Re’s solid risk-adjusted capitalization level, consistently strong operating earnings on its U.S. business and high quality balance sheet and stable liability structure, which are principally focused on mortality risk.

A.M. Best has also has revised the outlooks to positive from stable and affirmed the ICRs of “bbb+” for Wilton Re Ltd (Nova Scotia, Canada) and Wilton Re Finance, LLC (Wilton Re Finance) (Delaware), as well as the issue rating of “bbb+” on the $300 million 5.875% senior unsecured notes due 2033 of Wilton Re Finance. The notes are unconditionally guaranteed by its parent, Wilton Re U.S. Holdings, Inc. and the ultimate parent, Wilton Re Ltd. A.M. Best notes that Wilton Re Ltd’s adjusted financial leverage and interest coverage are within A.M. Best’s expectations. Follow the link here for the full A.M. Best rating release.

Wilton Re Announces Organizational Changes

Wilton Re Announces Organizational Changes

April 28th, 2016

(Norwalk, Connecticut) Wilton Re announced the appointment of Mike Fleitz as Chief Executive Officer of Wilton Re U.S. and Steve Lash as SVP & Chief Financial Officer of Wilton Re U.S.  Chris Stroup will remain active as Chairman & Chief Executive Officer of Wilton Re Ltd.

Mike Fleitz had served as SVP & Chief Financial Officer at Wilton Re since joining the firm in 2005.  Mr. Fleitz previously served as partner at PricewaterhouseCoopers LLP, where his focus was on various aspects of the life insurance industry, including financial reporting, public offerings, internal controls, and risk management.

Steve Lash most recently held the position of VP & Deputy Chief Financial Officer at Wilton Re.  Mr. Lash was previously with New York Life and served in a number of roles, including the Chief Financial Officer of the Insurance Group, and the Chief Financial Officer of the Retirement Income Security Group.  Prior to New York Life, Mr. Lash served as Principal at E&Y, LLP.

The company would like to congratulate Mr. Fleitz and Mr. Lash on their new appointments.  Wilton Re continues to emphasize the strength of our leadership team as we continue our role as a premier provider of in force solutions in the U.S. and Canada.