The Federal Home Loan Bank of Dallas (FHLB Dallas) has announced that Life Insurance Company of the Southwest, has joined its cooperative. The insurance company, with offices in Addison, Texas, and Montpelier, Vermont, is part of National Life Group, a Fortune 1000 company. Life Insurance Company of the Southwest will have access to liquidity through FHLB Dallas’ line of advances and other credit products.
“We are a significant supporter of residential mortgages, low income housing, and commercial multi-family loans through our investment portfolio,” said Don Messier, 2nd vice president of corporate development at National Life Group. “We have a good partnership with FHLB Dallas and our membership provides us valuable flexibility and access to liquidity that help us better protect our policyholders.”
As of September 30, 2014, a total of 30 insurance companies held membership in FHLB Dallas, one of 12 District banks in the FHLBank System created by Congress in 1932.
“We are pleased to have the Life Insurance Company of the Southwest as a new member. FHLB Dallas is a member-owned cooperative. As such, we strive to do more and be more for our members. We are excited about Life Insurance Company of the Southwest’s membership and the opportunities we have to help further its goals and objectives,” said Sanjay Bhasin, president and CEO of FHLB Dallas.
FHLB Dallas approved 14 new members in 2014, with five of them being life insurance companies.
“Life Insurance Company of the Southwest has the strength and stability we seek in candidates for membership,” said Steve Otto, vice president and director of Member Sales at FHLB Dallas. “Life insurers, as with all of our members, have found benefits in the low-cost advances FHLB Dallas offers. Our members are able to access advances for liquidity and to diversify funding sources. We are glad to have Life Insurance Company of the Southwest on board.”
About Life Insurance Company of the Southwest
National Life Group is a diversified family of financial service companies that offers a comprehensive portfolio of life insurance, annuity and investment products to help individuals, families and businesses pursue their financial goals. National Life Group, a Fortune 1000 company, serves 786,000 customers as of Dec. 31, 2014. With 2013 revenue of $2 billion and net income of $142 million, companies of National Life Group employ roughly 900 employees, with most located at its home office in Montpelier, Vermont. National Life Group companies also maintain offices in Addison, New York, and San Francisco. The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont in 1848; Life Insurance Company of the Southwest, founded in 1955, Addison, Texas, and Sentinel Investments and Equity Services, Inc.,both based in Montpelier.
Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. Equity Services, Inc., Member FINRA/SIPC, is a Broker/Dealer and Registered Investment Adviser. Sentinel Investments is the unifying brand name for Sentinel Financial Services Company, Sentinel Asset Management, Inc., and Sentinel Administrative Services, Inc. All companies, unless otherwise noted, are affiliated and are located in Montpelier,VT. Fortune 1000 status is based on the consolidated results of all National Life Group companies.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The Federal Home Loan Bank of Dallas is independent of all National Life Group companies.