Modern Woodmen of America

Best’s Market Segment Report: Low Interest Rate Environment and Pandemic Pressure U.S. Fraternals

Retrieved on: 
Monday, November 22, 2021
Professional Services, Insurance, Finance, News, NPW, Insurance, Industry, BA, COVID-19, ALL, Investment, Mortality, Modern Woodmen of America, Growth, Knights of Columbus, Pharmaceutical industry

The Bests Market Segment Report, titled, Low Interest Rate Environment and Pandemic Pressure Fraternals, states that net premiums written (NPW) for the 73 U.S. life fraternal companies decreased by approximately 6% year over year in 2020 to $9.3 billion.

Key Points: 
  • The Bests Market Segment Report, titled, Low Interest Rate Environment and Pandemic Pressure Fraternals, states that net premiums written (NPW) for the 73 U.S. life fraternal companies decreased by approximately 6% year over year in 2020 to $9.3 billion.
  • Around 16% of fraternals individual annuity accounts guarantee minimum crediting rates over 4%, which is higher than for the overall L/A segment.
  • Yields for the fraternal segment and the whole L/A industry dropped roughly 38 basis points in 2020 from 2019.
  • While claims were higher for some fraternals, the segment to date has not been overwhelmed by higher mortality from the pandemic.

RGA Announces Annuity Reinsurance Transaction With Modern Woodmen

Retrieved on: 
Tuesday, June 8, 2021
Insurance, Professional services, Reinsurance companies, Insurance, Reinsurance Group of America, Service companies, Reinsurance, Woodmen, Types, Modern Woodmen of America, RGA, Russian National Reinsurance Company

Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life, annuity, and health reinsurer, today announced the completion of an annuity reinsurance transaction with Modern Woodmen of America (Modern Woodmen), a member-owned fraternal financial services organization.

Key Points: 
  • Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life, annuity, and health reinsurer, today announced the completion of an annuity reinsurance transaction with Modern Woodmen of America (Modern Woodmen), a member-owned fraternal financial services organization.
  • Under the agreement, an RGA subsidiary will reinsure a seasoned block of U.S. annuity business.
  • We are pleased that Modern Woodmen chose RGA as their partner and we are happy that, by working closely together, we were able to tailor a mutually beneficial transaction that meets Modern Woodmens specific capital and risk management objectives, said Larry Carson, Executive Vice President, Global Financial Solutions, RGA.
  • With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions.

Modern Woodmen Enters New Frontier

Retrieved on: 
Thursday, June 4, 2020
Woodmen of the World, Modern Woodmen of America, Rock Island, Illinois, Woodmen, Illinois, Organizations, Benefit society, Fraternal orders, States of the United States, Assured Life Association, WoodmenLife

Through this partnership, Modern Woodmen will look to fortify its member customers' digital service experiences.

Key Points: 
  • Through this partnership, Modern Woodmen will look to fortify its member customers' digital service experiences.
  • "This partnership with Sureify aligns with our technology initiatives and meets our members' expectations," explained Jerry Lyphout, Modern Woodmen's Chief Operations Officer.
  • "Modern Woodmen is known not just for its products and history, but also for its strong commitment to members and community service.
  • Headquartered in Rock Island, Illinois, Modern Woodmen was founded in 1883 as a fraternal benefit society.