CORE INSURANCE,INSURANCE TECHNOLOGY
Hildene Capital Management | November 25, 2022
Hildene Capital Management, LLC (“Hildene”), a $12 billion credit-focused asset manager, today announced the formation of Ludlow Re SPC, Ltd. (“Ludlow Re”), a Cayman Islands-based, Class B(iii) insurance company.
Ludlow Re will offer reinsurance to the global insurance market and, as part of its inaugural transaction, will reinsure approximately $1 billion of fixed index annuity reserves through a quota share agreement entered into with a U.S.-based life insurance carrier.
“Given its ability to provide long-term, flexible capital, Ludlow Re optimizes Hildene’s robust asset management capabilities, helping us as we seek to enhance returns for our investors, Since Hildene’s inception in 2008, we have taken a prudent approach to managing the size and scale of our assets and will continue to execute on this approach with Ludlow Re — opportunistically adding to our portfolio only when we believe we can confidently invest in assets that produce attractive returns for our clients.”
-Brett Jefferson, Founder and Co-Chief Investment Officer of Hildene.
Hildene’s structured credit assets, particularly TruPS CDOs, align well with the duration and liquidity profile of life and annuity insurance liabilities, We believe insurers and asset managers can benefit from a symbiotic relationship — money managers receive access to insurers’ expansive capital base while insurers receive access to sophisticated investment opportunities they may not have otherwise,added Dushyant Mehra, Co-Chief Investment Officer of Hildene.
Ludlow Re received its B(iii) insurance license from the Cayman Islands Monetary Authority in September 2022.
About Hildene Capital Management
Founded in 2008, Hildene Capital Management, LLC is a diversified institutional asset manager specializing in asset-based and credit opportunities. Hildene Co-CIOs Brett Jefferson and Dushyant Mehra are backed by a senior investment team with a long and established track record of investing across various credit and distressed cycles, leveraging their expertise in managing complex assets. Today, Hildene manages over $12 billion for a broad range of clients across its flagship private funds, tailored managed accounts and securitized asset structures.
CORE INSURANCE,INSURANCE TECHNOLOGY
One80 Intermediaries | November 24, 2022
One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired instaCOVER, an independent insurance agency and technology platform specializing in point of sale insurance coverage for commercial equipment, healthcare, rental equipment and other markets. Terms of the deal were not disclosed.
instaCOVER’s customizable insurance programs include financed equipment insurance, titled vehicle protection, rental waivers and non-financed / owned equipment insurance, as well as medical equipment and digital radiography insurance, digital radiography warranties, and digital radiography service contracts. Coverage is provided at the point of sale or lease and rates are established for the duration of enrollment regardless of claims activity.
Additionally, instaCOVER offers a web-based platform designed to simplify the process associated with obtaining an insurance quote and binding a policy. The bespoke technology provides the flexibility to create and customized insurance solutions for brokers and clients.
“I have been very impressed with the innovative platform and insurance solutions created by the instaCOVER team, I look forward to expanding into the leasing industry and further supporting instaCOVER at the crossroads of technology and commercial insurance,” he continued.
-Matthew F. Power, President, One80 Intermediaries
Since our inception, the instaCOVER team has thrived on finding ways to make insurance effortless. With that we feel that joining the One80 platform will enable us to continue to develop customized solutions for funders, brokers, manufacturers, dealers, distributors, and rental houses, We are thrilled to join One80,said Colleen Shelby, Managing Director, One80 Intermediaries.
About One80 Intermediaries
One80 Intermediaries is a privately held firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages. One80 specializes in key industry verticals such as medical stop loss, cannabis captives, alternative risk, warranty coverage and lender-based insurance. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to all major insurance markets in the US, Canada and UK. One80 has offices in more than 40 locations in the US and Canada.
CORE INSURANCE,LIFE INSURANCE
The Penn Mutual Life Insurance Company | November 25, 2022
The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2023 and the Board of Trustees has approved a record $163 million payout to eligible policyholders in 2023.
Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders.
"We're proud that our dividend action over the last 20 years remains one of the strongest and most consistent in the industry, This noteworthy achievement, particularly given today's economic uncertainty, reflects our long-term perspective, a shared commitment to upholding the company's financial strength and serving the best interests of our policyholders."
-Dave O'Malley, President and CEO
About The Penn Mutual Life Insurance Company
For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.