Austin-based insurer Continental General Insurance Company has purchased two tranches of insurance policies from the State Life and Health Insurance Guaranty Association (the Guaranty Association), which include approximately 91,000 final expense insurance policies and traditional life insurance policies, annuities and accident and health (A&H) policies.
The transaction, coordinated by the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA), is the first between two parties representing a guaranty association. This is the first in a series of pending related-party transactions between the parties.
The policies were originally issued by Bankers Life Insurance Company (BLIC) and Colorado Bankers Life Insurance Company (CBLIC) and became a legal obligation of the guaranty association in 2024 following the court-ordered liquidation of both companies.
Effective January 1, 2026, Continental General assumes the Guaranty Association’s underwriting obligations for CBLIC and BLIC policies, including all related liabilities and assets.
Through this transaction, policyholders will benefit from Continental General Group’s expertise in managing financial risk, which will now oversee policy administration, policyholder servicing and claims management.
Continental General Executive Chairman Michael Gorzynski commented, “We are pleased to welcome BLIC and CBLIC policyholders to Continental General. After working closely with the outstanding team at NOLHGA, we believe we are well-positioned to ensure a smooth and seamless transition to high-quality ongoing policy administration. We look forward to providing policyholders and their families with a stable, long-term home at Continental General.”
Continental President and CEO David Ramsey added: “This new policy addition from Guaranty Association will allow us to significantly expand our customer base as we continue to expand our portfolio, while also supporting our ongoing risk and product portfolio diversification strategy. Our resources and extensive experience in managing, processing and administering insurance policies will enable us to provide new customers with the confidence, security and reliability they deserve.”
