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 500 insurance company members, while the percentage of all FHLBanks borrowings by insurance companies has more than tripled between 2007 and 2022.
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 2022 income, we returned $310.6 million in dividends to our members for a full-year dividend rate of 6.13%. This high performance is a testament to our dedication to provide value to our members.
FHLBNY Insurance Company Members
|AIG Insurance Company – Puerto Rico||New York Life Insurance Company|
|American Home Assurance Company||Prudential Insurance Company of America|
|Ameritas Life Insurance Corp. of New York||SBLI USA Life Insurance Company, Inc.|
|Build America Mutual Assurance Company||SCOR Reinsurance Company|
|Cooperativa de Seguros Múltiples de Puerto Rico||Security Mutual Life Insurance Company of New York|
|Cumberland Mutual Fire Insurance Company||Selective Insurance Company of America|
|Empire HealthChoice Assurance, Inc.||Selective Insurance Company of New York|
|Equitable Financial Life Insurance Company||Spinnaker Insurance Company|
|Everest Reinsurance Company||Sterling Insurance Company|
|Excellus Health Plan, Inc.||Stratford Insurance Company|
|Genworth Life Insurance Company of New York||Teachers Insurance and Annuity Association of America|
|Gerber Life Insurance Company||The United States Life Insurance Company in the City of New York|
|Guardian Life Insurance Company of America||Trans-Oceanic Life Insurance Company|
|Horizon Healthcare of New Jersey, Inc.||Transamerica Financial Life Insurance Company|
|Horizon Healthcare Services, Inc.||Transatlantic Reinsurance Company|
|Kingstone Insurance Company||Triple-S Advantage, Inc.|
|Lincoln Life & Annuity Company of New York||Triple-S Salud, Inc.|
|MAPFRE PRAICO Insurance Company||Triple-S Vida, Inc.|
|Merchants Mutual Insurance Company||Tudor Insurance Company|
|Metropolitan Life Insurance Company||United Surety and Indemnity Company|
|Metropolitan Tower Life Insurance Company||Universal Insurance Company|
|MONY Life Insurance Company||Utica Mutual Insurance Company|
|New Jersey Manufacturers Insurance Company||Western World Insurance Company|
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.
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:
||This worksheet will help calculate:
Tools to Help you Determine Eligibility
Contact a dedicated Relationship Manager that will help determine
your insurance company’s membership needs (212) 441-6700
VP, Member Relations and Senior Business Development Officer
You have a vision for your financial future.
Our partnership can play a key role to help get you there.
Insurance Companies Overview Factsheet
Forms & Agreements for New Members
About the Federal Home Loan Banks
HLB 009 HIC – Health Insurance Companies Eligibility Worksheets
HLB 009 LC – Life Insurance Companies Eligibility Worksheets
HLB 009 PC – Property & Casualty Insurance Companies Eligibility Worksheets
Best’s Special Report:
Insurers’ Funding Agreements With Federal Home Loan Banks Likely to Increase