by John Darer® CLU ChFC MSSC CeFT® RSP CLTC
In 2013 MetLife publicly announced that it was merging three of its U.S. life insurance companies and one of its offshore reinsurers to create one U.S. life insurance company – MetLife Insurance Company USA. The restructuring is expected to be completed in late 2014.
This does not affect annuitants with Metropolitan Life Insurance Company
On or about July 1, 2005, MetLife announced it had completed the acquisition of Citigroup’s Travelers Life & Annuity and substantially all of Citigroup’s international insurance businesses for $11.8 billion. Part of the acquired business was a legacy structured settlement book funded with Travelers Life and Annuity, which was renamed Metropolitan Insurance Company of Connecticut (MICC).The qualified assignment company for that block of business acquired aspart of the Travelers Life and annuity transaction, was renamed MetLife Investors USA Insurance Company. The restructuring sees the qualified assignment company become part of MICC, so there is a need to transfer the qualified assignment obligations.
On July 7, 2014, MetLife sent impacted claimants a notice of transfer of qualified obligations explaining the future merger as well as allowing claimants the option to accept or reject the transfer to a new assignment company, MetLife USA Assignment Company.
Specifically, MetLife Investors USA Insurance Company, MetLife Investors Insurance Company and Exeter Reassurance Company Limited will become part of MetLife Insurance Company of Connecticut (MICC), which will ultimately be renamed MetLife Insurance Company USA. The resulting entity will be domiciled in the state of Delaware. The restructuring, which will simplify and streamline MetLife’s corporate and operational structure, is expected to be finalized by November 2014, subject to regulatory approvals.
MetLife Insurance Company USA, as has been the case for the affiliated life insurance companies being combined to create it, will be a highly-capitalized, U.S.-based and regulated company. This restructuring initiative is part of MetLife’s larger effort to de-risk its variable annuity business. It will simplify and streamline MetLife’s corporate and operational structure. Additionally, it will improve the risk profile and transparency of MetLife’s U.S. variable annuity business by moving it from an offshore captive reinsurer to the U.S.
Please note once again that this restructuring has no effect on the structured settlements funded with annuities issued by Metropolitan Life Insurance Company, whether or not owned by MetLife Tower Resources Group, Inc.
Metropolitan Life insurance Company. the largest life insurer in the United States, has been around since March 24,1868, 146 years!
4structures.com LLC has put together a collage of images covering the history of Metropolitan LIfe on its Structured Annuity Issuers Pinterest Board. which highlights that the longevity of the life insurance companies that issue structured settlement annuities, MetLife and others, and their long history of payments to annuitants and policyholders.