Crestline enters insurance market through strategic acquisition
FORT WORTH, Texas, Aug. 11, 2022 /PRNewswire/ -- Crestline Investors, Inc. ("Crestline") a credit focused institutional asset manager, today announced its entrance into the direct annuity insurance market with the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company ("CL Life"), a provider of insurance products designed for retirement assets that seeks to offer policyholders stable growth, tax deferral and income planning.
"Through this strategic acquisition, we are excited to be partnering with an established insurance and annuity team with deep industry expertise and a strong background in delivering high-quality, competitive products for policyholders," said Doug Bratton, Founding Partner, CEO and Co-CIO of Crestline. "Rick Hodgdon, President and Head of Insurance Business at CL Life is an industry-veteran with over four decades of experience successfully building and scaling profitable insurance and reinsurance businesses. We look forward to working with Rick and his experienced team on seeking to deliver annuity products that meet the financial goals of our clients and offer strong returns for policyholders."
"It's a pleasure to be a part of the Crestline family during an exciting period in the firm's history," said Rick Hodgdon. "Crestline's disciplined and strategic support will enable CL Life to effectively capitalize on our growth strategy and offer policy holders competitive annuity products with a disciplined investment program to ultimately help them reach their financial goals."
CL Life will provide insurance products to independent agents through tax-deferred fixed annuities, which offer lifetime income options and penalty-free withdrawals. The CL Sundance Annuity is a single premium deferred annuity with the choice of a 2-, 3-, 5- or 7-year interest rate guarantee period. The CL Sundance Annuity is designed to align with the specific needs of its policyholder's financial plans.
About CL Life and Annuity Insurance Company
Headquartered in Fort Worth, Texas, CL Life and Annuity Insurance Company seeks to provide insurance products specially designed for retirement assets that offer stable growth, tax deferral, and income planning. Its mission is to provide competitive products that meet the financial goals of policy holders, investing in assets for the purpose of growing policy holder premiums aimed at generating strong returns with the flexibility to secure their future. CL Life is an affiliate of Crestline Investors, Inc., an institutional investment management firm with approximately $15.4 billion in assets under management. For more information visit www.cllife.com.
About Crestline Investors, Inc.
Crestline Investors, Inc., founded in 1997 and based in Fort Worth, Texas, is an institutional alternative investment management firm with approximately $15.4 billion in assets under management. Crestline specializes in credit and opportunistic investments, including providing flexible capital solutions to middle market companies, asset backed investing and financing and restructuring solutions for mature private equity funds. In addition, the firm manages a multi-PM equity market-neutral hedge fund and provides beta and hedging solutions for institutional clients. Headquartered in Fort Worth, Texas, the company maintains affiliate offices in New York, London, Toronto and Tokyo. For more information, please visit www.crestlineinvestors.com.
This financial promotion is issued by Crestline Management, LP and Crestline Europe, LLP (together "Crestline"). Crestline Europe, LLP is authorised and regulated by the Financial Conduct Authority (FCA).
SOURCE Crestline Investors, Inc.