Globe Life Inc., a US-domiciled holding company specialising in life and supplemental health insurance, has announced the formation and licensing of Globe Life Re Ltd. as a Bermuda Class C insurer to provide reinsurance support for insurance business written by affiliated entities within the Globe Life Inc. group.
All arrangements will be conducted on an arm’s length basis and subject to appropriate regulatory oversight.
The first reinsurance transaction has reportedly been executed in accordance 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 firm has more than 16,000 insurance agents and 3,600 corporate employees, with more than 17 million policies in force.
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