Filed Under:Annuities, Variable

ING U.S., Harbinger trumpet reinsurance deals

The Cayman Islands loses a reinusrance firm. (AP Photo/Cayman Islands Dept. of Tourism)
The Cayman Islands loses a reinusrance firm. (AP Photo/Cayman Islands Dept. of Tourism)

With so much light being beamed on captive reinsurers – the so-called shadow insurance industry – of late, perhaps it was not too surprising that ING U.S. and Harbinger Group Inc. (HGI) announced major reinsurance deals yesterday that captured headlines.

In the case of ING U.S., it involves shifting their offshore reinsurance subsidiary, Security Life of Denver International Ltd. (SLDI), from the Cayman Islands to Arizona, effective Dec. 20. SLDI’s main job is to reinsure the living benefits associated with ING U.S.’s closed block of variable annuity business. According to the company, the Arizona Department of Insurance has already approved SLDI as a state-domiciled captive reinsurer.

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Nichole Morford

Nichole Morford
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