Hopefully it doesnt change things for Equitable...
Equitable Just Bought Out by Sterling!
- Thread starter Justin Bilyj
- Start date
I got an email from them.
TO: All Equitable Life & Casualty Agents
DATE: April 20, 2017
SUBJECT: SILAC Acquires Equitable Life & Casualty
Sterling Investors Life Acquisition Company ("SILAC") acquired Equitable Life & Casualty Insurance Company ("Equitable"), a Salt Lake City life and health insurance company, from Insurance Investment Company and E. Rod Ross on April 18, 2017.
Equitable Family Insurance Group will serve as the parent of the conglomerate consisting of Equitable, the newly formed Equitable National Life Insurance Company, Sterling Investors Life Insurance Company (a life and health insurance company owned by SILAC) and TRIAD Insurance Administrators (the third party administration platform created by Equitable). The combined entities have assets of approximately $360 million.
"This is a tremendous opportunity for Equitable," said Ross, Chairman Emeritus and former owner of Equitable. "Equitable is strategically positioned for growth. It will remain right here in Utah and will forever be Equitable Life & Casualty. It honors the legacy of the Ross family that has spanned over 80 years, something that is very important to me."
Equitable will continue to serve the growing senior market. Steve Hilbert, Chairman, President and CEO of SILAC, added that Equitable will expand its current product offerings to include additional supplemental health, life and annuity products. "Our goal is to make Equitable the leader in product innovation and customer service. Equitable's innovative front-end agency portal is second to none and we are committed to continuing to enhance the experience for our agents and distribution partners."
Triad will continue to offer third party administration services to life and health companies and plans to expand those relationships over the coming months. "Triad is well-equipped to serve the administrative needs of insurers, reinsurers and agents alike," Hilbert stated.
Established in 1935, Equitable is Utah's oldest active life insurance company and the combined enterprise conducts business in 49 states and four territories. The home office team in Salt Lake City is dedicated to providing superior, friendly and personalized service to policyowners, business partners and the many thousands of professional agents who market Equitable's products across the country.
Equitable Life & Casualty Insurance Company
Thanks Jimmy. Guess I should check my email every 5 minutes so I don't miss out.
SILAC cancelled my contract 4 years ago due to lack of production. I think I wrote one case. GI due to loss of MA plan (moved to GA from another state).
The policy is still on the books.
Hope those guys don't hold a grudge. I get a pretty nice check every month from the EL&C folks.
Not to be confused with ELO.
SILAC cancelled my contract 4 years ago due to lack of production. I think I wrote one case. GI due to loss of MA plan (moved to GA from another state).
The policy is still on the books.
Hope those guys don't hold a grudge. I get a pretty nice check every month from the EL&C folks.
Not to be confused with ELO.
I never picked up sterling, I believe was due to some negative speak in combination to not offering anything I needed as far as rate or underwriting.
But I have seen some high increases for some of my equitable clients this year
what's the thought on how this will change things moving forward
But I have seen some high increases for some of my equitable clients this year
what's the thought on how this will change things moving forward
Interesting. Sterling Investors had 20M in assets in 2014 when they asked A.M. Best to be non-rated. Equitable L&C has 300M +. Can you say eyes bigger than your mouth.
Wonder if the exploding LTC book made the Ross family decide to cash out.
I heard Equitable was making offers to buy out LTC commissions at the first of the year.
With that much debt the new management may get extremely aggressive writing new business. Only 2 ways to do that relax underwriting, and low rates. Usually rate stability suffers. I'll stayed tuned for the NEW show.
Wonder if the exploding LTC book made the Ross family decide to cash out.
I heard Equitable was making offers to buy out LTC commissions at the first of the year.
With that much debt the new management may get extremely aggressive writing new business. Only 2 ways to do that relax underwriting, and low rates. Usually rate stability suffers. I'll stayed tuned for the NEW show.
Last edited:
From the looks of that Utah DOI report about half of their premiums came from LTC in 2009. A lot has happened since then. Interest rates tanked which had devastating effects on the Penn Treaty's, Genworth's etc. It had to affect them as well.
The 2002 Equitable LTC policies had a benefit that has to be killing them.
A couple could elect to choose either a 10% couple discount or a paid up policy for the surviving spouse if the plan had been in force for 10 yrs. Even if one of the two died before the 10 yrs was up they could continue to pay the joint premium till the 10yr anniversary and the policy would be paid up.
If the paid up policy had the inflation benefit it continues to build even though premiums are no longer due. I would guess most of those policies are going to a paid up status as the couples start losing a spouse due to age.
The 2002 Equitable LTC policies had a benefit that has to be killing them.
A couple could elect to choose either a 10% couple discount or a paid up policy for the surviving spouse if the plan had been in force for 10 yrs. Even if one of the two died before the 10 yrs was up they could continue to pay the joint premium till the 10yr anniversary and the policy would be paid up.
If the paid up policy had the inflation benefit it continues to build even though premiums are no longer due. I would guess most of those policies are going to a paid up status as the couples start losing a spouse due to age.
I got increases in both Utah & Wyoming. I have rolled 2 already
