Life Insurers Begin to Announce ELNY Assessments

American Equity Investment Holding Company was one of the first life insurance companies to announce a charge to cover assessments  stemming from the Executive Life Insurance Company of New York (ELNY) liquidation.  The American Equity press release indicated that its second quarter financial results would include a pretax charge of up to $8.5 million.  American Equity Investment Holding Company is the parent company of the New York domiciled American Equity Investment Life Insurance Company of New York, rated A- by A.M. Best.  As reported in Life Health Pro on July 5, 2013, “Other life insurers cannot be far behind with their news”.