A Midwestern insurer says it has completed the process of getting another company to coinsure old blocks of annuities.
Conseco Inc., Carmel, Ind., says 3 insurance company subsidiaries now have coinsured most of their older in-force equity-indexed annuity and fixed annuity business with Reassure America Life Insurance Company, a unit of Swiss Re Life & Health America Inc., Armonk, N.Y.
Swiss Re Life is a unit of Swiss Reinsurance Company, Zurich.
As expected, the transaction generated about $76.5 million in ceding commissions and freed $175 million in capital used to support the annuities, Conseco says.