CNO establishes Bermuda reinsurance captive
CNO Financial Group has established its wholly-owned Bermuda reinsurance captive. It has received approvals to reinsure approximately US$6.2 billion of inforce fixed indexed annuity statutory reserves, in addition to new fixed indexed annuity business. The launch was confirmed as the group released its Q3 highlights, which included strong underwriting margins and net income results. Gary Bhojwani, CEO of CNO, comments: "CNO is pleased to launch our Bermuda affiliate and we are in the process of implementing our initial reinsurance transaction. We remain well-positioned to execute on our strategy to serve middle-income America and deliver shareholder value."