National Western Life Focuses on Growth by Announcing Reinsurance Transaction
AUSTIN, Texas, Aug. 9, 2022 /PRNewswire/ -- National Western Life Insurance Company (National Western Life), a wholly owned subsidiary of National Western Life Group, Inc. (Nasdaq: NWLI), announced the execution of an annuity reinsurance transaction with Aspida Life Re Ltd. (Aspida Re), a Bermuda based reinsurer rated "A-" (Excellent) by A. M. Best and "A-" by KBRA. The transaction was effective July 1, 2022.
The reinsurance transaction is a strategic move designed to support plans previously announced by National Western Life to grow its business by expanding its distribution footprint and creating new market opportunities. This includes bringing new products to market through exclusive, proprietary distribution channels, as well as banks. "This reinsurance relationship helps us to better strengthen our position in the market as we prepare to launch several new products offering new and innovative solutions for the financial marketplace," stated Chad J. Tope, Executive Vice President & Chief Marketing Officer at National Western Life.
National Western Life chose Aspida Re based on Aspida Re's industry leading investment expertise and strong financial strength ratings. The partnership will improve National Western Life's product competitiveness, increase financial flexibility, and provide an opportunity for incremental earnings.
"The reinsurance transaction with Aspida Re allows us to continue our growth strategy in a smart, methodical way," commented Ross R. Moody, Chairman of the Board and Chief Executive Officer of National Western Life. "Ultimately, this will drive our growth strategy by providing us with the ability to offer more compelling rates in the market." Included in the transaction is reinsurance of an inforce block of National Western Life fixed-indexed annuities of $250 million. National Western Life will continue to administer and service these policies ceded to Aspida Re.
About National Western Life:
National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, both stock life insurance companies in aggregate offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. At June 30, 2022, the Company maintained consolidated total assets of $13.3 billion, consolidated stockholders' equity of $2.1 billion, and combined life insurance in force of $20.3 billion.
Release Contact: Brian M. Pribyl
Executive Vice President, Chief Financial Officer
(512) 836-1010
bpribyl@nwlic.com
www.nationalwesternlife.com
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SOURCE National Western Life Insurance Company
