Globe Life Inc. forms and licenses a new Bermuda reinsurance affiliate, Globe Life Re Ltd, to support the group’s insurance business. Licensed as a Bermuda Class C insurer, the new entity provides reinsurance support for insurance business written by other affiliate entities within the Globe Life group. Globe Life Re Ltd writes affiliated quota share reinsurance business. Under this arrangement, the company assumes a proportional share of risk on specified insurance policies. The group confirms that all arrangements are conducted on an arm’s length basis and remain subject to appropriate regulatory oversight. Globe Life has already executed the first reinsurance transaction in accordance with the company’s business plan. Headquartered in McKinney, Texas, Globe Life Inc. is a US-domiciled holding company that specialises in life and supplemental health insurance. The company is co-led by co-chairmen and co-CEOs Frank Svoboda and J. Matthew Darden. The group’s insurance subsidiaries include American Income Life Insurance Company, Family Heritage Life Insurance Company of America, Globe Life And Accident Insurance Company, Liberty National Life Insurance Company, and United American Insurance Company.
