by John Darer CLU ChFC MSSC CeFT RSP CLTC
MetLife will offer a US domiciled non qualified structured settlement option for employment, environmental, breach of contract and other types of taxable damages in early 2018. The underwriting company will be Metropolitan Tower Life Insurance Company. Full details to follow during the roll out which expected in or about mid-January 2018.
MetLife announced on May 3, 2017 that Metropolitan Tower Life Insurance Company ("MetLife Tower Life"), a Delaware company and wholly owned subsidiary, would become the primary underwriting company for structured settlement annuities. Metropolitan Tower Life was the successor-in-interest to Metropolitan Insurance and Annuity Company ("MIAC)" that was the qualified assignment company used by MetLife structured settlements until about 13 years ago. At the time it was announced April 26, 2005, MetLife stated that "structured settlement annuities in-force and/or issued prior to December 1, 2004 are the responsibility of Metropolitan Tower Life Insurance Company", which held an A+(Superior) rating from A.M. Best as it does today, with a current size category XV. The company is rated Aa3 (High Quality) by Moodys.
Under the qualified assignment program, MetLife Assignment Company Inc., (MACI) is the qualified assignment company. Upon information and belief the MACI facility will be expanded to take on non qualified structured settlement cases. The periodic payment obligations assigned MACI are guaranteed by Met Tower Life under an Evidence of Guarantee. With $4B+ in assets, Metropolitan Tower Life is a considerably smaller underwriting company in terms of assets than Metropolitan Life Insurance Company. It does however have a strong surplus position of 16.5% of general account assets and a Comdex rating of 96, that exceeds Metropolitan Life Insurance Company [Source: Vital Signs].
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