Archive for the ‘Shenandoah Life’ Category

Shenandoah Life, currently under control of the Virginia Department of Insurance, has entered into a 90 day negotiation period with Prosperity Life.  Prosperity Life’s president, Jose Montemayor, was a former DOI commissioner for the state of Texas who is also a partner in Black Diamond Capital Partners which owns AmeriLife Group which was one of, if not the largest, marketing company representing Shenandoah Life.  Shenandoah Life was taken over by the state of Virginia when their Mortgage Backed Securities portfolio went south during the “mortgage meltdown” in late 2008.

The story is also covered by IFA News.

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Here is the article.

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To view all of the documents, you can click here.

Of most interest to agents would be the Cover Letter, the notice to agents and the Notice Regarding Hardship Request.

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I’ve had some questions from agents (Thanks Sue) regarding the Financial Situation with Shenandoah Life.  Shenandoah is NOT in liquidation at this point.  The company is in receivership with the intent being rehabilitation. 

However, there are questions about the State Guarantee protection.  Since every state is different, I’m posting a link to the National Organization which links to the individual state’s Guarantee Associations.

Here is the link:  http://www.nolhga.com/policyholderinfo/main.cfm/location/ga

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This came out Friday afternoon.  Great News!  The 2/12/09 commission run which was being held was supposed to be processed on 2/13/09.


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Late last year, Shenandoah Life announced that it was merging with OneAmerica.  Shenandoah had taken major losses on its Bond Portfolio (mainly from Fannie Mae bonds) and needed a partner.  At the time of the writedown, AM Best downgraded Shenandoah from A- (Excellent) to B++ (Very Good).  News of the proposed merger was posted on both companies websites.

Yesterday, the Virginia Insurance Department announced that they were taking control of Shenandoah Life.  Further, there is no mention of the proposed merger on either website, so it appears that the deal is off.

Full story is available at IFAwebnews.com.

At the time of the takeover, AM Best downgraded Shenandoah from A- (Excellent) to B++ (Very good).  Yesterday, AM Best downgraded Shenandoah from B++(Very good) to E (Under Supervision).  Here is the story.

Shenandoah was a major writer of Final Expense Insurance, Single Premium Whole Life and Medicare Supplement.  The claim flow for Accident and Health and Death Claims will continue.  State Guarantee funds will protect policyholders up to state limits. 

Agents currently writing Shenandoah products should contact our office for alternative products as the company is not issuing any new business.

As we obtain more information, we will keep you updated on this blog.

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