Beechwood Re, a life reinsurer, has executed definitive documents to complete a reinsurance transaction with subsidiaries of CNO Financial Group.
The deal will have CNO's subsidiaries cede $550 million of statutory reserves and approximately $40 million of other capital associated with closed blocks of long-term care insurance underwritten by Bankers Conseco Life Insurance Company and Washington National Insurance Company.
The reinsurance transaction and associated structures have obtained all required regulatory approvals necessary to proceed.
Beechwood Re CEO, Mark Feuer, said: "We are very pleased to have entered into this agreement with CNO. These transactions exemplify the creative reinsurance solutions that Beechwood Re has to offer. We look forward to working with our new partner through a smooth transition and providing them with ongoing reinsurance support."
Ed Bonach, CEO of CNO, said: "Our reinsurance agreements represent a meaningful step forward in addressing our run-off business. We are pleased to have Beechwood Re as our partner in this transaction and look forward to a successful relationship moving forward."
