Continental General Acquires Block of Life Insurance, Annuity and Health Policies from State Guaranty Associations

AUSTIN, Texas–(BUSINESS WIRE)–Continental General Insurance Company (together with its affiliates, “Continental General” or the “Company”) today announced that it has completed the acquisition of two blocks of insurance policies from the state life and health insurance guaranty associations (the “Guaranty Associations”) through transactions coordinated by the National Organization of Life & Health Insurance Guaranty Associations (“NOLHGA”). The transaction marks the first between Continental General and NOLHGA on behalf of the Guaranty Associations, and it is the first in a series of pending related transactions among the parties.

The acquired blocks are made up of approximately 91,000 final expense and traditional life insurance policies, annuities, and accident and health (“A&H”) policies. The policies were originally issued by Bankers Life Insurance Company (“BLIC”) and Colorado Bankers Life Insurance Company (“CBLIC”) and became the statutory obligation of the Guaranty Associations in 2024 following the court-ordered liquidation of BLIC and CBLIC. Effective January 1, 2026, Continental General has assumed the Guaranty Associations’ covered obligations for the CBLIC and BLIC policies, including all related liabilities and assets.

As a result of this transaction, the policyholders will benefit from Continental General’s specialized expertise in managing financial risk. Continental General brings long-term stability, anchored by more than 60 years of experience, operational excellence, and specialized administration capabilities. Continental General will now oversee policy administration, policyholder services and claim management on behalf of the policyholders.

Michael Gorzynski, Executive Chairman of Continental General, commented:

“We are pleased to welcome the BLIC and CBLIC policyholders to Continental General. After working closely with the exceptional team at NOLHGA, we are confident that we are well positioned to ensure a smooth and seamless transition to top quality ongoing policy administration. We look forward to providing policyholders and their families with a stable, long-term home at Continental General.”

David Ramsey, President and Chief Executive Officer of Continental General, commented:

“The addition of this new block of policies from the Guaranty Associations will enable us to significantly expand our customer base as we continue to grow our portfolio, and it also supports our ongoing strategy to diversify our risk and product mix. Our resources and extensive experience managing, processing and administrating insurance blocks will enable us to provide our new customers with the confidence, security and reliability that they deserve.”

About Continental General

Since our founding in 1961, Continental General has been dedicated to serving policyholders, claimants, and their families with reliable insurance solutions. Headquartered in Austin, Texas, we have grown into trusted providers through our commitment to care and excellence, supporting policyholders through our family of companies and strategic partners. Learn more about Continental General at www.cgic.com.

TPA Services provided by Continental General Services, LLC (in California doing business as Continental General Administrative Services and in New York as Continental General Insurance Services, LLC).

Continental Insurance Group, Ltd. (“CIG”) is the parent company of Continental General Management, LLC (“CGM”), Continental General Insurance Company (“CGIC”), and Continental General Services, LLC (“CGS”). CIG, CGM, CGIC, and CGS are all wholly owned subsidiaries of Continental General Holdings, LLC (“CGH”).

CGIC is a stock life, accident and health insurance company existing under the laws of the State of Texas and is a licensed insurance carrier in forty-nine states, the District of Columbia, and the U.S. Virgin Islands.

Continental General is an umbrella marketing name for CGM, CGIC, and CGS.

Contacts

Longacre Square Partners
Kate Sylvester
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