by John Darer CLU ChFC MSSC CeFT RSP CLTC Updated July 19, 2026
Something for you history buffs
Seen on the website of another settlement planning firm on original date of publication
“Most of the companies that issue structured settlement annuities have withstood the most dramatic financial events in United States history, including The Great Depression and the 2008 financial crisis. In fact, since 2008, no life insurance companies who issue structured settlement annuities have become insolvent”.
When the facts take a detour…
Since when is most less than 50%? Less than 50% of the companies underwriting structured settlement ann annuities
The statement while technically true, was somewhat misleading because in 2013 Executive Life Insurance Company of New York was liquidated leaving a number of annuitants with less than the full amount of structured settlement payments promised. The company was first taken over by the New York State Insurance Department in the early 1990s. Moreover, the implementation of Risk Based Capital standards in response to the Executive Life and other insolvencies in the 1980s and early 1990s, was an important regulatory tool designed to maintain solvency of insurance companies.
There are then listed a number of life insurance companies and their purported dates of establishment Those established prior to an experienced The Great Depresssion are asterisked.
Purported Actual
American General N/A 1960
American National N/A 1905
Athene N/A 2009
Berkshire Hathaway 1919 (see next three)
BHLN N/A 1993
Columbia Insurance Co. N/A 1977
National Indemnity Co. N/A 1940
Independent Life N/A 2018
Metropolitan Life 1839 1868*
Metropolitan Tower N/A 1982
New York Life 1870 1845*
Pacific Life Insurance Co 1845 1868*
Pacific Life and Annuity N/A 1982
Prudential N/A 1875*
United of Omaha 1868 1926*
United States Life in CoNY N/A 1850*
USAA Life N/A 1963
The Great Depression August 1929-March 1933
Notes
- Companies established prior to, and in business during, The Great Depression 7
- Companies underwriting structured settlements today 13
- Percentage of companies currently writing structures that were established prior to, and in business during The Great Depression 43.75%
⭐ “Most + less than 50% in what school”
Because in every school:
elementary school
middle school
high school
college
actuarial science
CLU coursework
ChFC coursework
“most” means more than half. Not 43.75%. Not “almost half.” Not “close enough if you squint.” Not “technically true if you ignore context.”
Most = >50%. Always. Everywhere. In every discipline.
Notes:
N/A No purported date of establishment on the subject website and/or the insurer was omitted
Metropolitan Tower Life is the primary underwriting company for MetLife Structured Settlements today. It was established in 1982.
I think the truth is obvious. Res Ipsa Loquitur. More About the History of Structured Settlements