Universal American to reinsure life and annuity business
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- December
- 1
Universal American Corp., a Rye Brook-based health insurer and managed care company, said that it agreed to reinsure nearly all of its life insurance and annuity business through Commonwealth Annuity and Life Insurance Co., a subsidiary of Goldman Sachs Group Inc.
The agreement, expected to go into effect during the first quarter, will generate $55 million to $60 million of after-tax statutory profit in Universal American’s insurance company businesses and will reduce required capital by approximately by $10 million to $15 million, the company said.
“This transaction strengthens our capital base and further allows us to focus on our core businesses,” Richard A. Barasch, chairman and chief executive officer, said in a written statement.
This entry was posted
on Monday, December 1st, 2008 at 5:50 pm by Jay Loomis.
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