Globe Life Forms Bermuda Reinsurance Unit
Globe Life Inc. has established Globe Life Re Ltd. as a Bermuda Class C insurer.
A spokesperson said, “Globe Life Inc. [NYSE: GL], a United States domiciled holding company specializing in life and supplemental health insurance, announced today that Globe Life Re Ltd. [the Company] has been formed and licensed as a Bermuda Class C Insurer to provide reinsurance support in respect of insurance business written by affiliate entities within the Globe Life Inc. group.
“The Company will write affiliated quota share reinsurance business, assuming a proportional share of risk on specified insurance policies, with all arrangements conducted on an arm’s length basis and subject to appropriate regulatory oversight. The first reinsurance transaction has been executed in accordance with the Company’s business plan.”
