Midwest Holding Inc. (OTCQB: MDWT), together with its wholly-owned subsidiary American Life & Security Corp., a Nebraska-based life and annuity insurer, announced today that Vespoint LLC, its controlling shareholder, has completed its recapitalization of American Life, and that A.M. Best has assigned American Life a Financial Strength rating of B++.
The latest contribution of $17.5 million brings Vespoint's total funding of American Life in 2018 to $20.5 million. This capital, combined with A.M. Best's B++ Financial Strength rating, marks a significant milestone in the partnership between Vespoint and American Life, and puts American Life on track for a 2019 launch of its new annuity product and marketing program.
"In our recapitalization, we found broad-based support for our vision of a technology-enabled life and annuity insurance carrier," says Mike Minnich, co-CEO of Vespoint and President of American Life. "We are thrilled to partner with such a diverse and strategic group of investors, with backgrounds spanning insurance, distribution, technology and investing."
"American Life has a rich history of providing financially stable life and annuity products for its customers," adds Michael Salem, co-CEO of Vespoint and Chairman of American Life. "Now, with new capital, new technology, and an innovative new strategy, American Life is poised to be an industry leader in the future."
"The transformation of American Life has been incredible to watch," says Mark Oliver, CEO of Midwest and Vice President of American Life. "In an unprecedented six-month execution, American Life has positioned itself to take advantage of an exciting opportunity. We could not be prouder of what our team in Lincoln has accomplished together with our strategic partners."
About American Life & Security Corp. and Midwest Holding Inc.
American Life is a life and annuity insurance company located in Lincoln, Nebraska. Founded in 1960, American Life has been providing financially stable insurance products to customers for almost 60 years. In 2018, Mike Minnich and Michael Salem joined the company, repositioning it as a technology-enabled, administratively-focused life and annuity carrier. www.american-life.com
Midwest Holding Inc., founded in 2003, is the financial services holding company for American Life.
About Vespoint LLC
Vespoint is a private insurance-focused investment, management and technology company founded by insurance and asset management veterans Mike Minnich and Michael Salem. Combining industry expertise with an innovative approach, Vespoint is uniquely positioned to take advantage of a rapidly changing insurance marketplace. www.vespointllc.com
