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INSURANCE COMPANIES

Your Key to Reliable Liquidity

Insurance companies play a key role within the U.S. housing market. The Federal Home Loan Bank of New York (FHLBNY) promotes housing and economic development by providing low-cost, flexible liquidity to member financial institutions. This closely aligns with our insurance company members’ significant investments and participation in the mortgage market along with their economic development initiatives. Our insurance company members count on us to be a reliable and stable source of liquidity in any market condition.

Membership and advances by insurance companies have increased exponentially as more and more realize the integral role the FHLBNY plays to insurers looking to converge liquidity and working capital needs (as shown in the chart to the right). Overall, the Federal Home Loan Bank System (FHLBanks) has over 400 insurance company members, while the percentage of all FHLBanks borrowings by insurance companies has more than quadrupled between 2007 and 2019.

Insurance companies typically capitalize on their membership to satisfy contingent and strategic funding needs, in addition to financing capital, acquisition costs, and new facilities. This enables them to manage their liquidity positions and obtain affordable financing to support lending, investing, daily operations and grow their business in order to support the housing markets and the communities they serve.

Since the FHLBNY is structured as a cooperative, our members are shareholders. Paid from 2019 income, we returned $352.5 million in dividends to our members for a full-year dividend rate of 6.35%. This high performance is a testament to our dedication to provide value to our members.

FHLBNY Insurance Company Members

Show Members List

 

American Home Assurance Company

 

Ameritas Life Insurance Corporation of NY

 

Build America Mutual Assurance Company

 

Cumberland Mutual Fire Insurance Company

 

Empire HealthChoice Assurance, Inc.

 

Equitable Financial Life Insurance Company

 

Everest Reinsurance Company

 

Genworth Life Insurance Company of New York

 

Guardian Life Insurance Company of America

 

Horizon Healthcare of New Jersey, Inc.

 

Horizon Healthcare Services, Inc.

 

Kingstone Insurance Company

 

Lincoln Life & Annuity Company of New York

 

Merchants Mutual Insurance Company

 

Metropolitan Life Insurance Company

 

Metropolitan Tower Life Insurance Company

 

MONY Life Insurance Company

 

New Jersey Manufacturers Insurance Company

 

New York Life Insurance Company

 

Prudential Insurance Company of America

 

SBLI USA Life Insurance Company, Inc.

 

SCOR Reinsurance Company

 

Security Mutual Life Insurance Company of NY

 

Selective Insurance Company of America

 

Selective Insurance Company of New York

 

Spinnaker Insurance Company

 

Stratford Insurance Company

 

Teachers Insurance & Annuity Association of America

 

The US Life Insurance  Company in the City of NY

 

Ticonderoga Insurance Company

 

Trans-Oceanic Life Insurance Company

 

Transamerica Financial Life Insurance Company

 

Transatlantic Reinsurance Company

 

Triple-S Salud, Inc.

 

Triple-S Vida, Inc.

 

Tudor Insurance Company

 

Universal Insurance Company

 

Utica Mutual Insurance Company

 

Western World Insurance Company

Click to expand the below image.

 

Key Contacts

Alex Sornoza
VP, Member Relations and Business Development Officer
(212) 441-6708
[email protected]

You have a vision for your financial future.

Our partnership can play a key role to help get you there.

DOWNLOAD THE MEMBERSHIP APPLICATION

Benefits of Partnering with the FHLBNY

Flexible Funding Source

Membership at the FHLBNY affords insurance companies access to a wide range of liquidity tools through the use of our various credit products called “advances.”

Members can gain access to low-cost, wholesale funding for financial flexibility and backup liquidity to help meet unexpected cash flow needs and manage risk and profitability.

Explore FHLBNY funding solutions to:

Meet liquidity and working capital needs

Augment income streams

Benefit from letters of credit and other products to enhance operating leverage

Key Benefits

Increase earnings through strategic liquidity management and quarterly dividends

Finance capital, acquisition costs, or new facilities without liquidating earning assets

Manage cash flow needs

Grow investment income by reducing short-term liquidity balances and increasing invested asset balances

Fill liability maturity gaps and support match funding programs

Enhance operating leverage and liquidity with letters of credit as an alternative form of collateral

Secure grant money for low-income housing or community development projects

Access discounted community investment funds

Demonstrate an enhanced liquidity position to regulators and rating agencies

How are Insurance Companies Taking Advantage of Membership?

They typically use membership to fulfill the following needs:

Contingent and strategic liquidity

Match funding or pool funding

Asset and liability management

 

We also offer exclusive resources to our members for beneficial insight and education

Membership Eligibility Requirements

In order to be eligible for membership, your company will be:

Duly organized by law

Subject to inspection and regulation

Of sound financial condition

Committed to ensuring sound and economical financial policies

Able to purchase membership stock upon approval as outlined in the membership application

This worksheet will help calculate:

Eligibility

Initial FHLBNY Stock Subscription Amount

Financial Ratios & Real Estate Collateral Ratios

Tools to Help you Determine Eligibility

Eligibility Worksheet (HLB-009)

Contact a dedicated Relationship Manager that will help determine your insurance company’s membership needs (212) 441-6700

Key Contacts

Relationship Managers:
(212) 441-6700
[email protected]

You have a vision for your financial future,

our partnership can play a key role to help get you there.

DOWNLOAD THE MEMBERSHIP APPLICATION