by John Darer CLU ChFC MSSC CeFT RSP CLTC
In May 2017 Insurer Aegon NV (AGN.AE) agreed to sell its two largest U.S. runoff businesses, the payout annuity business, inclduing structured settlement annuities and the bank owned/corporate owned life insurance business to its peer, Wilton Re. Under the terms of the agreement, Aegon's Transamerica life subsidiaries will reinsure $14 billion of liabilities to affiliates of Wilton Re U.S. Holding Inc. AEGON stopped writing structured settlements more than a decade ago.
Wilton Reassurance Company, is a Minnesota domestic life insurance company. It acquired several AEGON assignment companies that were used for qualified assignments for structured settlements funded by life insurers in the AEGON family. Annuitants and payees of structured settlements funded with annuities funded by Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company or Transamerica premier Life insurance Company will find new assignment companies names. For example Transamerica Annuity Service Corporation (TASC) is now Wilton Re Annuity Service Corporation.
The notice to payees sent in late May 2018 states that the sale and the change of name will not affect the rights and benefits that you receive under any policy or contract from the above Transamerica Life Insurance companies.
Wilton Re has hired Alliance One Services Inc. as a third party adminstrator for the run off block of business. Alliance One operates out of Nashville, TN. The custoemr service number remains the same as it was under AEGON, namely 800-866-0002. Business hours for Alliance one are 9-4pm Central Time.
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