RED BANK, NEW JERSEY -- (Marketwired) -- 04/08/13 -- Aurigen Capital Limited's ("Aurigen") subsidiary Aurigen USA Holdings Inc ("Aurigen U.S.") has received regulatory approval and successfully completed its previously announced acquisition of Brokers National Life Assurance Company from Ameritas Life Insurance Corp. Brokers National Life Assurance Company is licensed in 48 states and the District of Columbia and will be renamed to Aurigen Reinsurance Company of America. The existing Brokers National dental and vision business will be integrated into the group division of Ameritas Life Insurance Corp.
Following Aurigen's successful entry in the Canadian life reinsurance market, Aurigen is now expanding into the U.S. life reinsurance market. Aurigen's U.S. corporate office is located in Red Bank, NJ with operations also located in Milford, CT. The Milford, CT office was opened April 2nd. Aurigen Reinsurance Company of America is a U.S. domiciled reinsurance entity that will offer reinsurance capacity to life insurance companies through yearly renewable term and coinsurance structures. Aurigen Reinsurance Company of America will immediately begin to market its life reinsurance products and services in the U.S.
Aurigen Reinsurance Company of America will be led by Michael Pado, President and Chief Executive Officer. Mr. Pado has over 30 years of experience in the U.S. life reinsurance market. Prior to joining Aurigen, Mr. Pado served as President and Chief Executive Officer of a U.S. life reinsurance operation within a large international reinsurance company. He holds a Bachelor of Science in Mathematics and earned an MBA from Rutgers University. He is a Fellow of the Society of Actuaries and has earned the CERA designation. He reports to Alan Ryder, President and Chief Executive Officer of Aurigen Capital Limited.
"Our entry into the U.S. life reinsurance market comes at a time when primary companies are looking for financially secure capacity, diversification of counterparty risk and a reinsurer that truly understands their business," said Mr. Ryder. "We believe our company provides U.S. primary writers with a new reinsurance choice solely dedicated to the life insurance industry that will serve their needs well."
Aurigen's core business is the reinsurance of individual life insurance policies. It has 56 employees and is currently licensed to transact life reinsurance in Canada and Bermuda. Aurigen's operating life reinsurance companies each have financial strength ratings of A- (Excellent) from A.M. Best, life reinsurance in force in excess of USD $30 billion and consolidated assets in excess of USD $440 million. Additional information can be found at www.AurigenRe.com.
Ameritas-Ameritas Life Insurance Corp., Ameritas Life Insurance Corp. of New York, Acacia Life Insurance Company, The Union Central Life Insurance Company and affiliated companies-offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; mutual funds; asset management and public finance. Securities are offered through affiliate Ameritas Investment Corp., member FINRA/SIPC. For more information, visit www.ameritas.com.
Aurigen USA Holdings Inc.
Lou E. Hensley
Senior Vice President
Ameritas Life Insurance Corp.
Vice President - Corporate Communications
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