Facebook logo
Facebook logo
Facebook logo
Facebook logo

Latest Headlines

Captive Insurance Times home | Primerica announces closing of redundant reserve financing ← You are here

[close]
Latest News
Guernsey in good position for Brexit impact
24 June 2016 | Saint Peter Port, Guernsey
Guernsey is well placed to ensure any impact the Brexit might have on its trading relationships is minimised, and will put in place any required alternative trading agreement, according to island officials... Read more

UK’s financial strength ratings remain unchanged
24 June 2016 | London
A.M. Best and S&P Global Ratings have not taken action to downgrade the UK’s financial strength ratings, following the UK’s decision to leave the EU... Read more

For more news visit our news section

Upcoming events
6th Annual Africa Insurance and Reinsurance Conference
Date: 28-29 June 2016
Location: in Nairobi, Kenya
Find out more

Bermuda Captive Conference 2016
Date: 13-15 June 2016
Location: Bermuda
Find out more

For more events visit our event section
Industry recruitment
There are currently no jobs available
For more jobs visit our recruitment section
Captive Insurance Times
View the latest issues online now

Sister publications
Securities Lending Times
http://captiveinsurancetimes.com

Asset Servicing Times
www.assetservicingtimes.com

Real Estate Investment Times
www.realestateinvestmenttimes.com

Media pack [download]
Ad specs [download]
Latest features
The more things change
Feature: Attendees of RiskMinds 2016 in Amsterdam heard why nothing ever stays the same in risk management and insurance—disruption is, and always has been, the name of the game Read more

Guernsey
Country profile: The soft insurance market has reportedly slowed captive growth in Guernsey, but the domicile continues to innovate to keep ahead Read more

Chris Varin :: Marsh Captive Solutions Group
Interview: Chris Varin of Marsh suggests captive owners should always explore commercial insurance options while simultaneously exploring use of their captive insurer for a terrorism-specific programme Read more

For more features visit our features section
Latest news
More news
IPPro default image
Primerica announces closing of redundant reserve financing
03 April 2012 | Duluth | Reporter: Steven Lafferty
Primerica has closed a redundant reserve financing transaction. Peach Re, Inc., a special purpose financial captive insurance company and indirect wholly owned subsidiary of the company, entered into an approximately 14-year letter of credit facility with Deutsche Bank AG New York Branch for a maximum amount of $510 million to support certain obligations of Peach Re for a portion of reserves (commonly referred to as Regulation XXX reserves) related to level premium term life insurance policies reinsured by Peach Re from Primerica Life under a new coinsurance agreement. In connection with the transaction, Primerica Life obtained regulatory approval for the payment of an extraordinary dividend of $150 million to Primerica, Inc. The company expects to redeploy this capital through share repurchases. Primerica Life cannot currently declare additional extraordinary dividends without prior regulatory approval. Had the transaction occurred as of December 31, 2011 and giving effect to payment of the extraordinary dividend and the redundant reserve transaction, Primerica Life’s statutory risk-based capital (RBC) ratio would have been in excess of 540%.

“We are very pleased to have finalized this transaction, which we worked on throughout 2011. The transaction allows us to complete another step to optimizing capital levels at Primerica Life and creates the ability to return value to our stockholders,” said Alison Rand, executive vice president and chief financial officer of Primerica.



Guernsey in good position for Brexit impact
Guernsey is well placed to ensure any impact the Brexit might have on its trading relationships is m Read more

UK’s financial strength ratings remain unchanged
A.M. Best and S&P Global Ratings have not taken action to downgrade the UK’s financial strength ra Read more

Brexit: Only time will tell
After the UK voted to leave the EU, with 52 percent of voters deciding to exit the union, Aon releas Read more

Solvency II will almost certainly remain, says PwC
After the UK's decision to leave the EU, PwC’s UK Insurance leader Jonathan Howe says, Solvency II Read more

CICA president Dennis Harwick to retire
Dennis Harwick, president of the Captive Insurance Companies Association (CICA) will retire from his Read more

Captive Insurance Times site map
Home
Home

Sitemap

Issue archive
Back issues online
Recruitment
Recruitment
Events andtraining
Upcoming events

Upcoming training

Company info
About us

Contact us


Copyright (C) 2013 Black Knight Media Ltd. All rights reserved. No reproduction without prior authorization
[close]
Never miss an issue again
Subscribe to Captive Insurance Times - Get it delivered straight to your inbox
We need to know you are not a ROBOT. Please type HUMAN in the box below and continue to fill in the rest of the form