Hodge Lifetime Annuity transfer

Berkshire_Yorkie

Hello, 

First Post here for a good old while (if ever!) so apologies in advance if this is mentioned somewhere previously and I can't find it.

I have a monthly annuity with Hodge Lifetime and I've received a letter telling me it's going to be transferred to Omnilife. 
Dr. Google is strangely silent on both companies & their parent, Reinsurance Group of America, aside from what's been issued by the respective companies themselves.

I must admit the phrase 'American Finance Company' is a one that normally brings a sense of unease.  Is this something I should be concerned about?

Thanks in advance, 

dunstonh

Is this something I should be concerned about?

No.  Hodge was a minor player in annuities for a short period.   I recall being issued a compliance bulletin warning about using them because of their lack of scale and low financial strength and the risks that go with that.  However, since then, many of the bigger annuity providers have sold their books to others.  

Hodge Life was sold to Reinsurance Group of America (RGA) back in 2021.    Omnilife is a relatively new company (only goes back to 88) and has been in the UK since 94 and mostly focused on group risk products.     Omnilife, has also been focusing on closed books in recent times.  i.e. buying the unwanted policies off other insurers.

So, it's logical for RGA to move the legacy Hodge book onto Omnilife rather than duplicate processes within two companies in the same group.

Linton

Your annuity continues to be paid by a UK entity subject to UK regulation and eligible for FSCS protection

Doctor-John

I too have a monthly annuity with Hodge Lifetime and have received a letter telling me it's going to be transferred to Omnilife.

I'm grateful to Berkshire_Yorkie for asking the question (thus thus remedying Dr Google's deficiency), and to dunstonh and Linton for their reassurances. 

Long may our annuities continue.