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Upstream Life Insurance Company Announces $300 Million Transaction with Antarctica Capital

Updated: Apr 11


NEW YORK--(BUSINESS WIRE)--Upstream Life Insurance Company (the “Company”) announced that they have entered into an agreement under which the Company may cede up to $300 million of fixed annuity statutory reserves to Antarctica Capital.


The reinsured block may consist of certain durations of the Company’s Secure Legacy MYGA statutory reserves over the 2023 and 2024 issue years. The transaction is expected to improve the Company’s capital position, including increases to free cash flow and RBC coverage.


This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of any securities that may be referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.


About Upstream Life Insurance Company

Upstream Life Insurance Company is a rapidly growing life insurance company headquartered in Oxford, MS. The Company provides best in class life insurance, annuity and retirement solutions to retirees in the U.S. Upstream Life is nationally licensed and exceeds in designing and developing in-demand annuity products that are distributed through independent distribution channels. For more information visit https://upstreamlife.us/.


About Antarctica Capital

Antarctica Capital is an international investment firm headquartered in New York with assets under management of approximately $1.5 billion as of December 31, 2022. Antarctica Capital is a registered investment advisor and is dedicated to investments in private markets and real assets and the establishment of long-term capital vehicles to leverage this investment focus. Antarctica Capital's investment approach is active ownership with an inherent focus on sustainability and providing more than capital to develop companies. The firm has an absolute return focus, which leads the firm to rigorously evaluate and build conviction around idiosyncratic investment opportunities and build value through the implementation of its investment strategies, such as SIGA®, SARO® and SEREY™. For more information visit https://antarcticacapital.com/.


Forward Looking Statements

Statements included herein contain certain “forward-looking statements” which relate to future events or our future performance or financial condition. Forward-looking statements can be identified by the use of forward looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including but not limited to the impact of the COVID-19 pandemic and the pandemic's impact on the U.S. and global economy, as well as those described from time to time in our filings with the NAIC. Any forward-looking statement speaks only as of the date on which it is made. The Company undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future developments or otherwise, except as required by law.


Contacts

Upstream Life Insurance Company 877-543-3504


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