INDIANAPOLIS & ORLANDO, Fla.--(BUSINESS WIRE)--OneAmerica® and Hannover Life Reassurance Company of America (Hannover Re US), member of the Hannover Re Group, a leading global reinsurer, have entered into a reinsurance agreement related to the Asset Care long-term care (LTC) protection business written by The State Life Insurance Company®, a OneAmerica company.
Asset Care is a combination whole life insurance product that features guaranteed death benefits with cash values, while providing long-term care (LTC) benefits through acceleration of the death benefit, plus an optional extension of LTC benefits, offering up to lifetime coverage with guaranteed premiums. Recent industry data from LIMRA Secure Retirement Institute ranked Asset Care No. 2 among all individual life/LTC-extension products. This data also indicated combination products now represent 80 percent of the overall individual LTC insurance market.
“We have seen tremendous growth with our Asset Care solutions,” said Dennis Martin, OneAmerica president of Individual Life and Financial Services. “As more people become aware of the significant benefits and guarantees offered by these products, we believe this growth will continue. We’re committed to offering financial advisors and their clients industry-leading asset-based LTC products, using both whole life insurance and annuities, for many years to come.
“Hannover Re brings expertise in the reinsurance market and a desire to be on the leading edge of innovative product solutions, making them an ideal fit and a perfect complement to our strategy, products and experience,” Martin continued.
This reinsurance transaction is retroactively effective on Jan. 1, 2018, and will allow the two industry leaders to share all actuarial risks inherent in the OneAmerica product suite of Asset Care products. The agreement is for new Asset Care business written in 2018, and includes one of the industry’s broadest selection of asset-based products.
“Asset Care has been at the forefront of the combination LTC product market for over 25 years,” said Peter Schaefer, president and CEO, Hannover Re US. “OneAmerica’s financial strength, along with its expertise in this market, has allowed it to build a strong experience base, which gives us confidence in working with them.”
About Hannover Re US
Hannover Life Reassurance Company of America (Hannover Re US), which is licensed and/or accredited in all 50 states, the District of Columbia, Puerto Rico and Guam, is the North American life and health reinsurance subsidiary of the Hannover Re Group. Hannover Re, with gross premium of EUR 17.8 billion, is the fourth-largest reinsurer in the world. It transacts all lines of property & casualty and life & health reinsurance and is present on all continents with around 3,300 staff and a network of more than 140 subsidiaries, branches and representative offices. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior"). For more information, visit www.hannover-re.com.
A national leader in the insurance and financial services marketplace for more than 140 years, the companies of OneAmerica have helped customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit OneAmerica.com/companies.
OneAmerica® is the marketing name for the companies of OneAmerica. Hannover Life Reinsurance Company of America and Hannover Re Group are not affiliates of the companies of OneAmerica.
Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Asset Care Form number: L301 and R501 and SA3. Not available in all states or may vary by state. All guarantees are subject to the claims paying ability of State Life.
*On July 20, 2017, State Life was rated A+ (Superior) by A.M. Best. This is the second highest of 16 possible ratings assigned by the agency.