American Global Insurance has entered a quota share reinsurance partnership with two corporately owned Lloyd's syndicates to support its healthcare indemnity portfolio, in what regulators describe as the first arrangement of its kind between a tribally licensed carrier and the Lloyd's market.
The agreement, effective January 1, 2026, covers risks underwritten by American Global Insurance, Inc. (AGII), the principal insurance subsidiary of the American Global Insurance and Reinsurance Group. The participating Lloyd's syndicates will assume 50% of premiums and losses tied to AGII's medical health indemnity insurance business.
AGII is organized and licensed under the laws of the Modoc Nation, a federally recognized tribal entity with sovereign jurisdiction in Oklahoma. It operates under the Modoc Nation's Insurance Code and is overseen by the Modoc Nation Department of Insurance.
The Modoc Nation's insurance commissioner believes AGII is the first tribally licensed carrier to secure a quota share relationship with the Lloyd's market.
The Modoc Insurance Department was formed in 2018 and now houses more than 700 direct write and reinsurance companies, positioning itself as an alternative to state-sponsored captive domiciles and offshore locations.
The deal also coincides with a wave of fresh capital flowing into Lloyd's, where seven new syndicates began operations in 2025 and 13 more launched on January 1, 2026 — the same effective date as the AGII treaty.
The American Global Group comprises insurance, reinsurance and service companies tied to risk management and healthcare-focused operations. AGII serves as the primary underwriting entity, with a focus on supplemental wellness and fully funded healthcare indemnity programs aimed at small and mid-sized employers.
The company said many of its offerings are structured to align with the Employee Retirement Income Security Act of 1974 (ERISA) and applicable Internal Revenue Code guidelines, supporting employer-sponsored healthcare arrangements within established federal frameworks.
AGII has also developed healthcare plans intended for future rollout in select US markets as alternatives to Affordable Care Act (ACA) marketplace products, which the company said are designed to comply with ACA requirements.
Several programs incorporate Health Savings Accounts (HSAs) to add tax-advantaged savings features to benefits planning.
Company representatives described the treaty as an operational milestone for the healthcare indemnity business, intended to reinforce AGII's risk management framework and expand underwriting capacity over time.
"The support provided through this agreement reflects confidence in AGII's underwriting platform and healthcare indemnity programs," a spokesperson for the American Global Group said. The spokesperson added that the arrangement strengthens the company's ability to manage risk exposure while continuing to serve employer groups looking for alternative healthcare coverage.
"With the backing of one of the most established insurance and reinsurance markets in the world, the American Global Group is positioned to continue developing healthcare insurance solutions for employers," the Modoc Nation Commissioner of Insurance said.
