Athene Annuity and Life Company of Iowa Joins Structured Settlement Industry

Athene Annuity & Life Company of Iowa is a wholly-owned subsidiary of Apollo Global Management and will bring substantial financial strength to the structured settlement space when it starts writing in the second half of 2025.  Athene manages $300 billion in gross invested assets and is the number one provider in retail fixed annuities and pension risk transfer business. Athene has earned an A+ rating from A.M. Best.  See A.M. Best rating   guide.pdf

As reported by the National Structured Settlements Trade Association, the Athene leadership team outlined a measured approach to its entry as a structured settlement market provider::

• -- Eventually, offer both tax-qualified and non-qualified structured settlement products
• -- Provide rated ages over time
• -- Leverage their experience in income solutions and existing operational infrastructure.
• -- Build a dedicated team of industry professionals

For legal professionals and settlement planners, Athene's entry signifies an expansion of available options for structureds settlement industry stakeholders and the clients they serve. Athene'sr stated objective is to become a preferred provider in the industry, concentrating on three key areas: providing security to end customers, delivering strong financial performance, and maintaining high levels of customer service.

Athene also has a licensed New York entity which could bring an added diversification option and opportunities for New York structured settlement cases.

American National to Enter as Structured Settlement Annuity Issuer

American National Insurance Company (ANICO) was founded in 1905 and is headquartered in Galveston, Texas. American National Insurance Company became part of Brookfield Asset Management Reinsurance Partners Ltd. in 2022 through a $5.1 billion acquisition and is rated A (Excellent) by A.M. Best.

Last year, AM Best honored American National Insurance Company with inclusion on its prestigious 2024 Best's Review® "Standing the Test of Time" list. The 16th edition of the "Standing the Test of Time" list showcases insurance companies that have demonstrated decades long financial strength. American National has maintained at least an A rating for 83 consecutive years and was one of the U.S. life/health insurers recognized for having maintained Best's Financial Strength Rating of A or higher for at least 75 years. AM Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing obligations to policyholders and clients. AM Best explains that the rating is based on a comprehensive evaluation of American National's balance sheet strength, operating performance, and business profile.  I understand that ANICO is the process of appointing a number of agencies,with an eye to launch in Q2 2025.

Puritan Life Insurance Company of North America to Enter as Structured Settlement Annuity Issuer

Puritan  Life Insurance Company of America, based in Scottsdale Arizona, with Admiinstratve Offices in Winston-Salem North Carolina. Puritan Life Insurance Company of Anerica offers customizable payments with a focus on non qualified structured settlements, which offer bespoke scheduled payment streams to meet financial needs. Puritan has a B++ rating (Good) from A.M. Best.

Puritan LIfe Insurance Company is licensed in all US states except  ME, NY, NJ, VA and VT.

Non qualified assignments funded with Puritan Life annuities will use Heritage International Assignment Corporation as a non-qualified assignment company. Heritage International Assignment Corporation is based in Bridgetown St. Michael Barbados. Centurion Assurance Services Ltd. (“Centurion”) is a Barbados-based captive insurance management company. Centurion has years of experience in the international business and insurance regulatory industries with clients throughout North America and Latin America. Centurion is an affiliate of Chancery Chambers Attorneys at Law.

PROCESS IMPROVEMENTS

MetLife Nails Down Most Improved through Prudent Investment and Deployment of 360 Degree Structured Settlement Processing Framework

MetLife has prudently made strategic investments in developing an online framework that seamlessly integrates Quote in the Box cloud quoting, underwriting, application submission, secure communications, and secure management of case documents and medical information, significantly improving policy issuance processing times. Post-sale operational efficiency has increased exponentially. Issued policies and executed qualified assignments are available for download 24/7. Frictional costs in processing are reduced for MetLife and all structured settlement consultants and settlement planners involved in a case. The framework components were introduced in stages beginning in March 2024. MetLife regularly solicits feedback from its appointed brokers through both formal and informal channels, asking "how are we doing?"

MetLife has received more aggregate premium than any other structured settlement annuity issuer for the preceding 2 years.

Pacific Life "Next Gen" Index Linked Structured Settlement Annuity  (Date TBD)

Pacific Life has been developing an upgraded structured settlement payment indexing solution.  We hope to see it in the latter part of 2025.  Pacific Life  (includes Pacific Life Insurance Company and Pacific Life & Annuity Company) and The Prudential Insurance Company of America are the only two insurers currently offering an indexed linked structured settlement annuity utilizing a domestic qualified assignment company.  As it did prior to introducing ILAPA in 2014, Pacific LIfe is seeking a IRS Private Letter Ruling to support its qualified assignment company and annuity issuer and the improved structured settlement solution.

Last updated April 27, 2025