Preferred Security Life Insurance Company

The three founders of Sierra Financial Holdings — John Sexton, Charles Ferdin, and Craig Haack — sit on PSLIC's board and direct the investment strategy. Dennis Haley serves as President and manages day-to-day operations. This closely held governance structure concentrates investment authority in the Sierra Financial principals rather than a dispersed committee or third-party CIO.

Under Midwest Holding Inc., PSLIC functioned primarily as a reinsurance and annuity origination platform with assets managed through institutional mandates. Sierra Financial's acquisition converted PSLIC into a direct-investing vehicle — the firm now originates private credit, real estate equity, and buyout positions internally, deploying the insurance balance sheet as permanent capital rather than relying on external managers.

PSLIC holds direct real property on its balance sheet, including residential condominiums in Hawaii. The Sierra Financial principals have demonstrated a preference for direct ownership over fund commitments, which aligns with the firm's buyout-oriented strategy and the long-duration liability profile of its insurance operations.

PSLIC is a domestically chartered Colorado life insurer, meaning its general account and statutory surplus are subject to state insurance regulation and risk-based capital requirements. The firm invests policyholder reserves and surplus across private-market assets while maintaining the liquidity and capital ratios required by Colorado insurance law.

Sierra Financial Holdings is the parent entity that acquired PSLIC in April 2025. The same principals also control a portfolio of Hawaii residential condominiums. Whether these real estate assets sit inside PSLIC's statutory balance sheet, a separate Sierra Financial entity, or a co-investment structure has not been publicly detailed.

Current public disclosures suggest PSLIC prioritizes direct origination — private credit, real estate equity, and control buyouts — rather than LP commitments to third-party funds. The Sierra Financial model appears structured to avoid the fee drag and reduced control associated with fund-of-funds allocation.

PSLIC operates under Colorado Division of Insurance regulation and must comply with NAIC risk-based capital standards, investment limitations on admitted assets, and statutory accounting principles. The post-acquisition direct-investment strategy requires ongoing compliance with these state-level insurance investment rules, which constrain concentration and asset-class eligibility more tightly than a family office or private fund structure.