BERKSHIRE LIFE INSURANCE COMPANY
|
Stuart
H. Armstrong II,
|
Stuart has been
helping gay and
lesbian professionals achieve financial independence
through insurance & other financial
services since 1986. He has specialized in the use
of disability insurance as a cornerstone financial
protection tool. Berkshire Life’s Role in the Guardian Enterprise
Berkshire Life Insurance Company of America ("Berkshire
Life") is a wholly owned stock subsidiary of The Guardian
Life Insurance
Company
of America, New York, NY. Its key missions are to:
• Grow
Guardian’s individual disability income insurance line
of business
• Research and develop
new insurance products
Policies Issued by Berkshire Life
Berkshire Life issues disability income insurance (both individual and multi-life). Unlike its parent company, Berkshire Life is a stock company, not a mutual company. Therefore, the policies it issues are “non-participating,” which means that these policies do not generate dividends. However, the type of product issued by Berkshire Life — disability insurance — is not typically designed or structured to pay dividends.
Berkshire Life’s Financial Strength
As the second largest individual disability income insurance
provider in the United States, Berkshire Life Insurance
Company of America’s financial strength
is evident:
•
Total assets of $2.1 billion
•
Capital and surplus of $346 million
•
Direct annual premium revenue of $468 million
•
Total liabilities of $1.8 billion
•
Total of 244,306 policyholders
(Financial statistics provided as of December 31, 2006.)
While it is a wholly owned Guardian subsidiary, Berkshire Life is also a stand-alone insurance company, domiciled in Massachusetts with its own Board of Directors. As such, it functions as an independent financial entity, responsible for its own claims and other liabilities––and has more than adequate reserves to meet those obligations. As just one example, Berkshire Life paid more than $161.7 million in disability income benefits in 2006 alone.
Summing Up
Although Berkshire Life Insurance Company of
America is a relatively new company, its people are by no
means new to the insurance industry. Add their very considerable
experience to Berkshire Life’s very considerable financial
strength, A+ rating from A.M. Best2, DALBAR3 Awards for Disability
Income and Life Policy Owner Services and high-quality product
portfolio. The sum is a sound, reliable company with which
you can feel confident doing business––a company
that will be there when you need it.
Berkshire Life at a Glance
Company Name: Berkshire Life Insurance Company of America
In Business Since: July 1, 2001
Headquarters: Pittsfield, MA
Structure: Wholly owned stock subsidiary
of The Guardian Life Insurance Company of America, New York, NY
Rating: A+ by A.M. Best
