SOURCE: Philadelphia Financial
PHILADELPHIA, PA--(Marketwire - Aug 21, 2012) - Philadelphia Financial, a leader in the high net worth private placement insurance market, today announced the launch of its international private placement life and annuity business. The company has established two Bermuda domiciled life insurance companies -- Philadelphia Financial Life Assurance Company (Bermuda), Ltd. and Philadelphia Financial Life International, Ltd. Both companies are wholly owned subsidiaries of Philadelphia Financial Group, Inc. This international business launch supports the company's strategy of growth through acquisition, and building both U.S. and international distribution.
"Our expansion into international markets is a response to both opportunity and demand, complementing Philadelphia Financial's market-leading U.S.-based PPLI franchise with a Bermuda domiciled solution to serve the global high net worth market," commented John K. Hillman, CEO of Philadelphia Financial. Ken Kilbane, Executive Vice President, added, "The establishment of these two companies positions our firm as a single source of private placement solutions to distributors, wealth advisors, law firms, accounting firms, trust companies and alternative investment managers serving global high net worth clients. Philadelphia Financial now has the ability to offer solutions from both our U.S. domiciled carriers as well as through our Bermuda domiciled carriers."
About Philadelphia Financial
Philadelphia Financial, headquartered in Philadelphia, Pennsylvania, provides insurance strategies to advisors of high net worth individuals and is a leader in strategic insurance. Philadelphia Financial principals have significant experience in the complex regulatory issues applicable to this unique product class. Philadelphia Financial is a Family Office Association Resource Council Mentor. For more information about Philadelphia Financial, please visit www.philadelphiafinancial.com. For more information about our international business please contact us at firstname.lastname@example.org.