by John Darer CLU ChFC CSSC RSP
Mutual of Omaha is back in the structured settlement annuity business. Yay! This is great news for injury victims, their attorneys and structured settlement consultants as it offers better price competition and more opportunities for diversification for structured settlements.
Mutual of Omaha has been in business since March 5, 1909, when it was incorporated in Nebraska as Mutual Benefit Health & Accident Association. A rebranding in 1962 saw the name change to Mutual of Omaha Insurance Company. For 8 years beginnng in 1963 the company sponsored Mutual of Omaha's Wild Kingdom was a staple of family TV on Sunday nights and won 4 Emmy Awards,
This is the company's second foray into the "wild kingdom" of litigation annuities. In 1996, United of Omaha, a subsidiary of Mutual of Omaha had a unique structured settlement program which included a third party guarantee of a major global reinsurer, earning at the time an exclusive endorsement from the American Hospital Association.
According to its 2009 year end financials, Mutual of Omaha had just over $23.8B in assets.
It's third party financial ratings at the time of posting are:
A.M. Best A+ (Superior)
Moodys Aa3 (Excellent)
Standard & Poors AA- (Very Strong)