Globe Life Inc., a U.S. holding company specializing in life and supplementary health insurance, announced the formation of Globe Life Re Ltd. and its approval as a Bermuda C-rated insurance company to provide reinsurance support for insurance business underwritten by affiliated entities within the Globe Life Inc. group.
According to Globe Life, the new Bermuda reinsurance entity will underwrite subsidiary quota share reinsurance business, assuming a proportion of the risk on a specific policy.
All arrangements will be made on an arm’s length basis and subject to appropriate regulatory oversight.
The first reinsurance transaction has reportedly been executed in line with Globe Life Re’s business plan.
Globe Life’s other insurance subsidiaries include American Income Life Insurance Company, Family Heritage Life Insurance Company of America, Globe Life And Accident Insurance Company, Liberty National Life Insurance Company and United American Insurance Company.
The company has more than 16,000 insurance agents and 3,600 corporate employees with more than 17 million policies in force.
