./

 

 

 

Aurigen to Acquire Brokers National Life Assurance Company from Ameritas Life Insurance Corp.



© Marketwire 2013
04.03.2013 14:19:19 -

(live-PR.com) - RED BANK, NEW JERSEY -- (Marketwire) -- 03/04/13 -- Aurigen Capital Limited announced today its plans to expand into the U.S. life reinsurance market with the signing of a definitive agreement to have Aurigen USA Holdings Inc. acquire Brokers National Life Assurance Company from Ameritas Life Insurance Corp. Brokers National Life Assurance Company is licensed in 48 states and the District of Columbia. The existing Brokers National business will be integrated into the group division of Ameritas Life Insurance Corp. The transaction is subject to regulatory approval and is expected to close the first quarter of 2013.



Aurigen's US corporate office is located in Red Bank, NJ with operations also located in Milford, CT. Following the closing of the acquisition of Brokers National Life, Aurigen USA Holdings Inc. will be able to offer reinsurance capacity for individual life business utilizing yearly renewable term and coinsurance structures through a U.S. domiciled reinsurance entity.


Aurigen USA Holdings Inc. is led by Michael Pado, Chief Executive Officer and President. Mr. Pado has over 30 years experience in the U.S. life reinsurance market. Prior to joining Aurigen, Mr. Pado served as President and Chief Executive Officer of a U.S. life reinsurance operation within a large international reinsurance company. He holds a Bachelor of Science in Mathematics and earned an MBA from Rutgers University. He is a Fellow of the Society of Actuaries and has earned the CERA designation. He reports to Alan Ryder, President and Chief Executive Officer of Aurigen Capital Limited.


"Our entry into the U.S. life reinsurance market comes at a time when primary companies are looking for financially secure capacity, diversification of counterparty risk and a reinsurer that truly understands their business," said Mr. Ryder. "We believe our new company will provide U.S. primary writers with a new reinsurance choice solely dedicated to the life insurance industry that will serve their needs well."


ABOUT AURIGEN


Aurigen's core business is the reinsurance of individual life insurance policies. It has 56 employees and is currently licensed to transact life reinsurance in Canada and Bermuda. Aurigen's operating life reinsurance companies each have financial strength ratings of A- (Excellent) from A.M. Best, life reinsurance in force in excess of USD $30 billion and consolidated assets in excess of USD $375 million. Additional information can be found at www.AurigenRe.com.


ABOUT AMERITAS


Ameritas-Ameritas Life Insurance Corp., Ameritas Life Insurance Corp. of New York, Acacia Life Insurance Company, The Union Central Life Insurance Company and affiliated companies-offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; mutual funds; asset management and public finance. Securities offered through affiliate Ameritas Investment Corp., member FINRA/SIPC. For more information, visit ameritas.com.



Contacts:

Aurigen USA Holdings Inc.

Lou E. Hensley

Senior Vice President

732.212.6865
Lou.Hensley@AurigenRe.com : Lou.Hensley@AurigenRe.com


Ameritas Life Insurance Corp.

Scott Stuckey

Vice President - Corporate Communications

402.467.7432
sstuckey@ameritas.com : sstuckey@ameritas.com



 

Disclaimer: (c) 2014 Market Wire. All of the press releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Market Wire's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.