Aspida Life Re, a Bermuda-based life and annuity reinsurance company, and National Western Life Insurance Company, a wholly owned subsidiary of National Western Life Group, have announced the closing of a reinsurance transaction, effective 1 July, 2022.
Under the agreement, Aspida will reinsure an in-force block of US annuity business for National Western Life and co-insure a quota-share of annuities to be issued in the future by National Western Life. National Western Life will continue to service and administer the contracts.
“We’re thrilled National Western Life chose Aspida Re to be a trusted partner in its goal to expand financial flexibility and enhance product offerings in new markets,” said Aspida Re president, Jon Steffen.
“Both Aspida Re and National Western Life share a common goal of providing high-quality service and tailored, results-driven solutions to clients. We look forward to a long-standing, mutually beneficial partnership centreed on those values.”
Ross Moody, chairman and chief executive officer of National Western Life, added: “The reinsurance transaction with Aspida Re allows us to continue our growth strategy in a smart, methodical way. Ultimately, this will drive our growth strategy by providing us with the ability to have more compelling rates in the market.”
The transaction closed on 27 July, covering an in-force block of annuity contracts issued before 1 July and new annuity contracts issued on or after 1 July.
Aspida, National Western Life