National Guardian Life Buys Settlers Life Insurance Co.National Guardian Life National Guardian Life Insurance Company is an American life insurance company. The company is domiciled in Madison, Wisconsin.
National Guardian, also known as NGL, is a mutual life insurance company that formed in 1910. Insurance Co. has acquired Settlers life Insurance Co., Bristol, Va. Settlers was placed in court-ordered receivership in May 1999 by the Circuit Court of the City of Richmond, Va. The receivership resulted from a failed reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. transaction with a company reportedly connected to Martin Frankel Martin Frankel (born November 21 1954) is a former U.S. financier, convicted in 2002 of insurance fraud, racketeering and money laundering.
Frankel was born in Toledo, Ohio into a family of Jewish heritage. He is the second child of county judge Leon Frankel. .
Frankel, the bond trader accused of absconding with about $250 million of assets belonging to a group of insurance companies, was indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. by a federal grand jury in October.
Settlers initially will focus on restoring its license to sell insurance in states outside of Virginia and reactivating the agent network idled by the receivership, Michael W. Lowe, Settlers' new executive vice president and chief operating officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said in a statement.
In conjunction with the transaction, National Guardian privately placed a $30 million surplus note with the State of Wisconsin Investment Board.
National Guardian Life is the largest member of the National Guardian Life Insurance Group.