Company finalized agreement with major reinsurance company to recapture risk

Continental General Insurance Company (together with its affiliates, “Continental General” or the “Company”), today announced that it has finalized an agreement to recapture the risk from a block of life and long-term care (“LTC”) policies from Munich Re Life US, part of Munich Re Group and a leader in risk assessment and reinsurance.

Under the terms of the agreement, Continental General recaptured the ceded portion of the risk and assumes all related liabilities and assets for the policy block, resulting in a significant increase in assets, liabilities, and reserves for Continental General. With this recapture, the Company holds 100% of the risk on the LTC block.

The underlying reinsurance transaction dates back to 2002, when the risk on the block of LTC policies was originally ceded to the reinsurer. The Company inherited the reinsurance structure in 2018 when it acquired Kanawha Insurance Company (“Kanawha”) from Humana Inc. The Company has managed both the life and the LTC policies since 2018, and currently does so via its affiliated administrator, Continental General Services, LLC.

Michael Gorzynski, Executive Chairman of Continental General, commented:

“As Continental General continues to grow, this transaction represents the latest milestone in the expansion of our life and LTC portfolio and is particularly meaningful as it is the fruition of our longstanding goal to bring all of our existing LTC policies back onto our books. It also underscores our long-standing commitment to serving as a trusted partner of choice for the long-term care industry and the nation’s leading reinsurance companies.”

The transaction builds on Continental General’s previous acquisition of a block of LTC policies from Elevance Health, Inc. in 2023, and it will similarly enable policyholders to benefit from Continental General’s more than 60 years’ experience administering and managing insurance blocks.

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

“By recapturing this block of Life and LTC policies, we are not only growing our asset base but are also strengthening our capabilities through a recapture of risk that would have previously been transferred to a reinsurance company. Given our extensive experience managing this block since 2018, our team will be well positioned to ensure a smooth and seamless transition for all policyholders.”

The Company will continue to handle all policyholder payments, premium collections, and related obligations, with no further risk or premium sharing with the reinsurer. The transaction was completed as of August 29, 2025, and was effective as of July 1, 2025.

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, our commitment to care and excellence has allowed us to grow into trusted providers, 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.

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