Crestline announces launch of CL Life and Annuity Insurance Company

Crestline Investors, a credit-focused institutional asset manager with approximately $15.4 billion in assets under management, 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, a provider of insurance products designed for retirement assets that seeks to offer policyholders stable growth, tax deferral and income planning.

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.

“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. 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.” – Doug Bratton, founding partner, CEO and co-CIO of Crestline.

“It’s a pleasure to be a part of the Crestline family during an exciting period in the firm’s history. 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.” – Rick Hodgdon.