Midwest Holding Announces Strategic Asset Management Initiative with ORIX Corporation USA
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Monday, January 10, 2022
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LINCOLN, Neb., Jan. 10,2022 /PRNewswire/ -- Midwest Holding Inc. (Midwest, NASDAQ: MDWT), a technology-driven life and annuity platform,announced the closing of a majority ownership sale of a consolidated reinsurance facility to a subsidiary of ORIX Corporation USA (ORIX USA).
Key Points:
- LINCOLN, Neb., Jan. 10,2022 /PRNewswire/ -- Midwest Holding Inc. (Midwest, NASDAQ: MDWT), a technology-driven life and annuity platform,announced the closing of a majority ownership sale of a consolidated reinsurance facility to a subsidiary of ORIX Corporation USA (ORIX USA).
- Under the terms of the agreement, a subsidiary of ORIX USA purchased approximately 70% of Seneca Incorporated Cell, LLC 2020-01 (SRC1), a Midwest consolidated reinsurance cell.
- "This is a meaningful partnership for Midwest as we look forward to a long-term collaboration with the team at ORIX USA.
- "We are pleasedto announce this strategic initiativewith Midwest throughthis transaction and view this as thestarting point for a robust relationship with the company,"said Art Mbanefo,Chief Investment Officer and Head of Principal Business and Asset Management, ORIX USA.