Independent Life

What Independent Life does

Independent Life Insurance Company is a Texas-domiciled specialty life insurer that exclusively issues structured settlement annuities for U.S. personal injury claimants. Founded in 2017 as part of Independent Insurance Group, LLC (with one source dating the operating entity to 2022), the company operates through a B2B distribution model reaching claimants via plaintiff attorneys, structured settlement consultants, and financial planners. Its network spans 615+ assignor partners with cumulative policy issuance of $1.91 billion at an average case size of $433k as of June 2026, serving more than 100,000 policyholders. The product suite centers on Qualified Structured Settlements (IRC Section 104(a)(2) tax-free periodic payments), Non-Qualified Structured Settlements with tax deferral, Attorney Fee Structures for contingency fee deferral, and the industry-first Payee Protection Policy that defends claimants against predatory factoring. The company operates the proprietary Mosaic® policy administration platform — developed in partnership with Lifeware SA — and has launched iStructure Select, an index-linked structured settlement annuity referencing the S&P 500, Nasdaq-100 Volatility Control 12% Index, and Franklin BofA World Index.

Revenue is generated through the net investment spread between returns on annuity-premium assets and guaranteed payout obligations, supplemented by risk charges and fee income, with capital and mortality/longevity risk transferred to reinsurer Hannover Re USA. The company maintains an A- Insurance Financial Strength Rating from Kroll Bond Rating Agency (Stable Outlook, affirmed May 2026), is backed by LKCM Headwater Investments and KKR-affiliated Kilter Finance, and as of June 2026 is subject to a definitive acquisition agreement by 26North Reinsurance Holding Company ($13B pro forma AUM), which would establish 26North Re's first onshore U.S. insurance platform.

Name

Independent Life

Legal name

Independent Life Insurance Company

Website

https://independent.life

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Independent Life Insurance Company is a Texas-domiciled specialty insurer exclusively issuing structured settlement annuities — qualified, non-qualified, attorney fee, and index-linked — for U.S. personal injury claimants, distributed through a network of 615+ plaintiff attorneys and settlement consultants.

Ownership category

akta.pro rank

Product category

Structured Settlement Insurance

NAICS

Insurance Carriers (5241)

SIC

Life Insurance (6311)

akta.pro primary industry

Structured Settlement Annuities (FSAIACAJ)

akta.pro secondary industries

Fixed Annuities (FSAIACAA), Non-Qualified Annuities (After-Tax) (FSAIACAH), Escrow, Trust & Legal Settlement Disbursements (FSAMAKAO)

Keywords

• Structured settlement annuities
• Personal injury insurance
• Attorney fee structures
• Index-linked annuities
• Settlement planning services

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Structured Settlement Annuity Premiums: Independent Life generates revenue through insurance premiums collected from structured settlement annuity contracts. These are fixed or index-linked annuity products issued to personal injury claimants who receive periodic payments instead of lump-sum settlements. Revenue is earned as annuity premiums are received and invested, with earnings generated through the spread between investment returns and guaranteed annuity payouts.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Independent Life issues structured settlement annuities for personal injury claimants, including tax-free qualified settlements, taxable non-qualified settlements, and the index-linked iStructure Select product that links payouts to major financial indexes with guaranteed floors. It also structures attorney contingency fees for tax deferral, administers a unique Payee Protection Policy against predatory factoring, and runs the Mosaic proprietary platform that powers end-to-end quoting, underwriting, and policy administration.

Product overview

Independent Life is the only insurance company exclusively focused on structured settlement annuities for personal injury claimants. The product portfolio centers on iStructure Select, an index-linked structured settlement annuity, and the proprietary Mosaic® policy administration system. Core offerings include Qualified Structured Settlements (tax-free) and Non-Qualified Structured Settlements, complemented by Attorney Fee Structures for plaintiff attorneys. The company has issued $1.91B in policies across 615+ assignors with an average case size of $433k. As of June 2026, Independent Life operates as part of Independent Insurance Group, which entered into a definitive acquisition agreement with 26North Reinsurance Holding Company.

Differentiator

Problem solved

Functional benefit

Brands

• iStructure Select: An index-linked structured settlement annuity offering greater flexibility, more growth opportunities, and tailored approach for plaintiffs seeking control, higher growth potential, and lifetime stability.
• Mosaic

Products and services

• iStructure Select Index-linked structured settlement annuity offering greater flexibility, more growth opportunities, and a tailored approach for plaintiffs and attorneys. Clients can select up to three leading indexes at inception for diversified growth strategies while preserving guaranteed payout floors.
• Qualified Structured Settlements Tax-free structured settlement annuities for personal physical injury, wrongful death, or workers' compensation disputes. Provides a stream of periodic, tax-free payments to help replace lost earnings and pay for ongoing medical care and other expenses.
• Non-Qualified Structured Settlements Periodic payment arrangements for settlements or awards that do not qualify for the physical injury tax exemption. Payments are taxable only when received, providing tax deferral and spread tax advantages for plaintiffs.
• Attorney Fee Structures Structured fee arrangement allowing attorneys to defer receipt of contingency fees. Tax deferral until payments are received, with no administrative or management fees. Payments can be structured to match recurring business expenses or future obligations.
• Fixed Rate Structured Settlement Annuity Traditional fixed-rate structured settlement annuity product built on the Mosaic platform, designed to provide guaranteed income with streamlined structured settlement processes and enhanced operational efficiency.
• Payee Protection Policy Unique industry-first policy protecting structured settlement payees from predatory factoring companies that offer inadequate compensation for transfer of payment rights. Independent Life engages professionals and fights against unfair pricing practices; the only such policy in the industry.

Quantifiable outcome

• $1.91 billion in policies issued with 615+ assignors and $433k average case size
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• 26North Reinsurance Holding CompanyflagshipStrategic or Co-development Partner · 1 June 2026Pending acquisition of Independent Insurance Group (parent of Independent Life) by 26North Re. Founded in 2022, 26North Re manages approximately $13 billion in assets on a pro forma basis and operates reinsurance platforms in Bermuda and Cayman Islands. The transaction represents Independent Life's first direct entry into the US insurance market under new ownership and is subject to regulatory approvals.
• Lifeware SAcoreTechnology or Integration · 4 February 2026Insurance technology firm that partnered with Independent Life to develop the Mosaic policy administration system. Lifeware SA provided the technological foundation for the company's proprietary end-to-end policy administration platform supporting the entire structured settlement business lifecycle.
• NasdaqflagshipStrategic or Co-development Partner · 16 September 2025Strategic partnership featuring the inclusion of the Nasdaq-100 Volatility Control 12% Index in Independent Life's iStructure Select product. Nasdaq hosted Independent Life at its New York City headquarters for the product launch, representing a significant validation of the company's innovation in structured settlements.

Scale indicators6 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Symetra Financial Corporation: Public life insurer with a dedicated structured settlement annuity business and strong relationships with structured settlement consultants. Competes head-to-head with Independent Life on case pricing and turnaround for PI claimants.
• F&G (Fidelity & Guaranty Life): Provider of fixed indexed annuities and structured settlement solutions to consumers and specialty channels. Closely comparable indexed product offering and settlement planning distribution.
• Sagicor Life Insurance Company: Life insurer with an active structured settlement business serving personal injury claimants. Similar B2B distribution model through structured settlement consultants and plaintiff attorneys.
• Pacific Life Insurance Company: Large mutual life insurer actively writing structured settlement annuities through its Pension and Structured Solutions group. Comparable product mix (fixed and indexed) and similar plaintiff-attorney distribution channels.
• National Western Life Insurance Group: Specialty life insurer writing fixed and indexed annuities including structured settlement products. Comparable niche life insurer profile and structured settlement focus.
• Nassau Re: Specialty life and annuity reinsurer/provider with structured settlement capabilities. Closely comparable capital-light, reinsurance-supported model serving the PI structured settlement market.
• Berkshire Hathaway Life Insurance Company of Nebraska: A leading direct issuer of structured settlement annuities for personal injury claimants in the US. Most directly comparable competitor in the same niche product category, with similar plaintiff-attorney distribution model.
• Athene Holding: Retirement services platform underwriting fixed and index-linked annuities including structured settlement products. Comparable indexed annuity capability and similar reinsurance-driven capital model.

Broad incumbents

• Prudential Financial: Large diversified financial services firm with a structured settlement solutions group. Comparable product offering but competes as one of many product lines within a global insurance and asset management franchise.
• Allstate Life Insurance Company: Diversified life insurer with a structured settlement annuity practice. Comparable product category but operates as one line within a much broader P&C and life insurance portfolio rather than as a specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Independent Life