Upcoming Product and Underwriting Changes Penn Mutual

Important Update from Underwriting

As we continue to navigate the challenging economic environment, we remain committed to providing a strong life portfolio and making adjustments as warranted to support our financial strength. In the coming weeks we will be making the changes outlined below—one to make it easier for financial professionals to do business with us and the other to help ensure our financial strength.

Increased Retention and Accelerated
Underwriting Limits on the Horizon

We are pleased to announce that effective March 1, 2021, Penn Mutual will be increasing the underwriting amount that we retain without reinsurance coverage, as follows:

• One life for individual coverage: $7,500,000
• Two lives for survivorship coverage: $10,000,000

Additionally, the maximum underwriting amount that can qualify for accelerated underwriting as part of our ACE process will increase to $7,500,000.

Our automatic binding limit will remain at $55,000,000 and our jumbo limit will remain at $65,000,000.

Last, we will have four strong reinsurance partners to share in our automatic risk pool for cases with underwriting amounts in excess of our retention: Swiss Re, RGA, SCOR, and Partner Re.

We will provide additional information about the implementation of the retention and accelerated underwriting limit increases in the coming weeks.